Business
Groove Botanicals Completes Audits for Fiscal 2021 and 2022, Files Form 10, and Embarks on Building Technology Portfolio
Groove Botanicals Completes Audits for Fiscal 2021 and 2022, Files Form 10, and Embarks on Building Technology Portfolio.
About this update from Groove Botanicals, Inc.
[{"type":"text","content":"\n MINNEAPOLIS, MN, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Groove Botanicals, Inc. (“Groove” or the “Company”) (OTC: GRVE) announces the completion of its audits for the fiscal years ending March 2021 and March 2022. The Company has filed a Form 10 registration statement with the Securities and Exchange Commission to resume reporting under sections 13 and 15(d) of the Securities Exchange Act of 1934.  These corporate actions aim to provide investors with greater transparency and certainty surrounding Groove’s financial reporting as well as to receive the auditor's expression of an opinion on the financial statements to ensure the content is fairly presented. With the completion of its audits and its Form 10 filing, Groove will be able to improve transparency with investors and pursue higher OTC reporting standards, such as uplisting to trade on the OTCQB or OTCQX. The audit services of CPA firm TAAD, LLP,  https://taadllp.com/ (“TAAD”), were employed to perform audits of the Company’s Fiscal Year 2021 and 2022 financial statements. Kent Rodriguez, President and CEO of Groove Botanicals, Inc., commented: “We are excited to announce that our 2021 and 2022 financials are now audited. With our financial information on solid footing, as part of our ongoing commitment to transparency and accountability, we will be a fully SEC reporting company once the Form 10 registration statement is declared effective. Completing our audits is a major step forward for our Company, allowing increased transparency into our business and our new business model.” Non-Core Subsidiary Divestments Groove also announces the divestment of our two subsidiaries, Biotrex, Inc. and Maxidyne, Inc. These divestments will allow the Company to maximize its focus on sustainable and renewable energy technologies, including patented technologies.  Kent Rodriguez, President and CEO of Groove Botanicals, Inc., further stated: “We are divesting our oil and gas assets and our CB3 skin care products and proprietary trademarks and will use the funds from the sale of these assets to assemble a portfolio of early stage propriety EV Battery Technologies developed from Universities in Norway, Sweden and Finland, and seek grants from the State of Minnesota Department of Economic Develo...