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Malachite Innovations (OTC Mkts: MLCT) announced the closing of a $410,000 capital raise on April 13, 2023. The raise was led by Morla Ventures and Stonewall Capital, with participation from key company personnel. Investors acquired 2,733,334 shares of common stock at $0.15 per share and warrants for an additional 2,733,334 shares at $0.60 per share.
CEO Michael Cavanaugh noted that this initial capital raise supports their impact investing strategy, aiming to build long-term value for shareholders. The involvement of notable investors is viewed as a vote of confidence in the company's direction. Malachite focuses on innovating solutions to environmental and health challenges, particularly in disadvantaged communities.
Malachite Innovations (OTC Mkts: MLCT) reported significant financial progress for the year ending December 31, 2022. The company achieved revenue of $4,832,278, a remarkable increase compared to the $0 revenue from 2018 to 2021. This marks an increase of $4,072,468 compared to its total revenue from its first decade of operation. Malachite's net loss improved to $1,072,176 from $2,073,600 in 2021, indicating a reduction of $1,001,424. Current assets rose significantly to $1,424,638, while total assets climbed to $8,230,465. The company raised $3,250,000 in capital and secured a $1,000,000 revolving credit line. Malachite is pursuing new impact investments and has launched multiple subsidiaries focused on environmental solutions, including land reclamation and biochar products, indicating a strategic shift toward sustainability.
Malachite Innovations, Inc. (OTC Mkts: MLCT) has appointed former NFL quarterback Bernie Kosar as a Strategic Advisor, aimed at enhancing the company’s operations and impact investing strategies. Kosar's extensive business background, particularly in health and wellness, is expected to drive profitable growth and facilitate new connections for the company. Malachite focuses on innovative solutions addressing health, social, and environmental challenges, especially in economically disadvantaged communities.
Malachite Innovations, Inc. (OTC Mkts: MLCT) has launched Pristine Stream Ventures, Inc., a wholly-owned business dedicated to mitigation banking. This initiative aims to restore and preserve degraded streams and wetlands in the Appalachian Region, generating mitigation credits for sale to developers. By addressing ecological degradation while supporting local economic growth, Pristine Stream seeks to ensure no net loss to the environment, balancing development needs with ecological preservation. The new venture complements Malachite's commitment to impact investing and sustainability.
Malachite Innovations (OTC Mkts: MLCT) has launched Terra Preta, Inc., a wholly-owned subsidiary dedicated to producing proprietary biochar for agriculture and water filtration. This new operating business employs a unique process that captures carbon via high-temperature pyrolysis, contributing to a negative carbon footprint. CEO Michael Cavanaugh emphasized Terra Preta's potential to disrupt agricultural and water filtration markets by offering innovative products that enhance crop growth and filter contaminants. The initiative aligns with Malachite's commitment to sustainability and environmental impact.
Malachite Innovations, Inc. (OTC Mkts: MLCT) has announced an expansion of its senior leadership team, including the hiring of Rebecca Wharton as Human Resources Manager and the engagement of Major General James A. Hoyer and Gary G. White as Strategic Advisors. Wharton brings over 30 years of experience in human resources, while Hoyer and White will provide strategic guidance to enhance the company's growth and impact investing goals. CEO Michael Cavanaugh expressed enthusiasm for their contributions towards improving health and wellness through innovative solutions.
Malachite Innovations, Inc. (OTC Mkts: MLCT) has launched Range Security Resources, Inc., a subsidiary focused on eco-friendly security services for mine sites transitioning to new industries. This venture aims to enhance security efficacy while reducing carbon emissions using innovative technologies like drones and video surveillance. CEO Michael Cavanaugh emphasized the company's commitment to hiring military veterans and first responders, combining their expertise with environmentally conscious practices. Malachite continues to prioritize impactful, profitable investments aimed at benefiting society and the planet.
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Malachite Innovations, Inc. (OTC Mkts: MLCT) announced a non-binding letter of intent to acquire 80% of Range Environmental Resources, Inc. for $1 million in cash and 10 million shares of common stock. The acquisition, subject to due diligence and board approval, marks a strategic move into environmental services, specifically in reclamation and remediation efforts in Appalachia. This initiative aligns with Malachite’s broader ESG strategy via its subsidiary, Daedalus Ecosciences, aiming to contribute positively to socio-economic challenges.
Malachite Innovations (OTC Mkts: MLCT) has announced significant advancements through its subsidiary, Graphium Biosciences. The USPTO has granted two crucial patents for cannabinoid glycoside prodrugs aimed at treating gastrointestinal disorders like IBD and IBS, affecting millions in the U.S. Additionally, a patent was received for cannabinoids as antimicrobials targeting C. difficile and other infections. Furthermore, a new PCT patent application has been filed for a manufacturing process improvement, which enhances glycoside production efficiency.
