SARASOTA, FL July 21, 2022 – Amphibious All-Terrain Vehicle (ATV) Manufacturer Planet Resource Recovery, Inc. (OTC:PRRY) announced today that it completed its Reg A+ Offering Statement and in concert with the filing has re-capitalized the company with an increase in the authorized share structure.
Reg A+ Offerings have been very successful for many companies to grow their business in a steady and organic manner for both reporting and non-reporting private and public companies. The offering allows companies to access Capital markets and avoid the alternative debt type toxic financing.
PRRY will be able to legally issue stock directly to long-term investors, hedge funds, and investment firms who support the company’s strategy to reactivate the production line for their historically successful product line-up of MAX ATVs (www.maxatvs.com).
Planet Resource Recovery, Inc. CEO Andrew Lapp states, “The company’s Board of Directors believes that proceeding with a Regulation A Offering will enable the company to raise the capital that’s required to procure tooling and aggressively purchase production quantities of inventory from over 100 legacy MAX vendors to manufacture complete vehicles beginning in 2023. The board also intends to hire experienced former MAX engineers in the near term as well as secure a suitable manufacturing plant in western New York that can accommodate our sales growth, which is forecasted to exceed 2,000 vehicles annually by 2026. We see this as the optimal move for us as a company as well as for incoming and existing shareholders.”
MAX ATVs were originally manufactured by Recreatives Industries Inc. of Buffalo, New York between 1969-2013. In November 2021, PRRY acquired the MAX all-terrain vehicle brand and assets, including all intellectual property in the form of CAD drawings, for a pre-existing line of successful vehicles and accessories, 43 years of supplier and customer records, the historic toll-free telephone number and website URL, and physical assets including all major tooling to manufacture MAX vehicles.
PRRY will initially focus on building the recreational/light utility MAX all-terrain vehicle product line from existing, proven designs, which will serve to re-establish the supply chain and regain acceptance more rapidly into the broader global ATV market, which continues to grow at over 1,010,000 units per year. In essence, PRRY will reactivate the assembly line for proven products built using pre-existing designs. This will jump-start the company in a compressed timeframe, which in turn allows new products to be launched sooner to fuel growth.
Galen Reich, President of PRRY, has worked in top management with MAX ATVs continuously for 29 years 20 years with the original founding company Recreatives Industries Inc. and nine years with subsequent owners. Mr. Reich possesses highly specialized knowledge associated with the amphibious ATV industry and more specifically what made MAX profitable every year during the Recreatives era. Galen notes: “I’ve seen the highs and the lows of MAX production and sales what works well in this business, what pitfalls to avoid, and most importantly what is needed to kick MAX ATV sales into overdrive and break through an artificially-imposed ceiling under previous private ownership. When PRRY is energized with the capital it needs to fuel our business plan, I anticipate one of our biggest challenges will be building vehicles fast enough to meet demand. Bring it on.”
PRRY’s goals in subsequent years include uplisting to OTCQB and eventually to NASDAQ as well as acquiring select vendors for supply chain consolidation. The Reg A+ filing and re-capitalization of the company is one if our first steps towards these goals.
For questions concerning Investor Relations, email IR@recreatives.com or call 800-255-2511. Visit http://www.recreatives.com/ for future announcements.
About Planet Resource Recovery Inc.
PLANET RESOURCE RECOVERY, INC. (“PRRY”) is a Nevada-based company that has recently acquired the intellectual property and tooling associated with the MAX ATV (all-terrain vehicle) product line and will begin manufacturing MAX ATVs (originally manufactured by Recreatives Industries Inc. between 1970-2013) in New York state. The Company’s management has a collective 56-plus years of experience in manufacturing, engineering, business management, ecommerce, and finance, and the company President was General Manager of Recreatives Industries for more than 20 years. PRRY will capitalize on MAX’s brand legacy of 52 years as well as the proven product design embedded in all the intellectual property developed over decades and now exclusive to PRRY. The company will initially focus on building the recreational/light utility MAX all-terrain vehicle (ATV) product line from existing, proven designs, which will serve to re-build the supply chain and re-gain acceptance more rapidly into the broader global ATV market which continues to grow at over 1,010,000 units per year. Once the supply infrastructure, assembly line, and sales channels have all been re-activated and developed for the MAX ATV product line, PRRY has forward-looking plans to diversify its product portfolio by investing heavily in focused R&D to bring pragmatic new vehicles and accessories to market in a compressed timeframe.
Information in this news release may contain statements about future expectations, plans, prospects or performance of PRRY that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases “can be”, “expects”, “may affect”, “believed”, “estimate”, “project” and similar words and phrases are intended to identify such forward-looking statements. PRRY cautions you that any forward-looking information provided by or on behalf of PRRY is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind PRRY’s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond PRRY’s control. In addition to those discussed in PRRY’s press releases, public filings, and statements by PRRY’s management, including, but not limited to, PRRY’s estimate of the sufficiency of its existing capital resources, PRRY’s ability to raise additional capital to fund future operations, PRRY’s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match PRRY’s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PRRY does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events