Micro-cap MINERALRITETM CORPORATION [Symbol: RITE] Announces $519,000 in Earnings as part of its YTD Recap

About this update from Mineralrite Corporation

[{"type":"text","content":"DALLAS, TX / ACCESSWIRE / July 31, 2024 / MINERALRITE TM Corporation (the "Company" or "RITE"), a micro-cap stock trading on the OTC Pink Sheets (OTC PINK:RITE), is pleased to announce that for the first six months of 2024 it has turned a profit of $519,000. Based on outstanding shares, that translates into a bit more than $0.0001 per share; and on a fully diluted basis, that translates into a bit less than $0.0001 per share.RITE's new CEO, James Burgauer, said "Even though the profit resulted from accounting adjustments from corporate cleanup, it clearly shows that the new management team the Company put in place in the 4 th quarter of 2023 is truly focused and motivated on turning RITE around. RITE's business obviously floundered after the Company divested its manufacturing business nearly a decade ago, but that all seems to be behind us now. There is a plan in place - and management is doing a wonderful job executing that plan."Since Burgauer has taken the helm, MINERALRITE TM has been actively cleaning up various pre-existing historical issues; engaging industry experts; contracting industry partners; undertaking background work on various potential acquisition targets; integrating the intellectual property and inventory reacquired from Goldfield; preparing to meet auditing standards; derecognizing certain historical obligations; minimizing scheduled future share issuances; reclaiming millions of shares of stock; and solidifying the Company's foundation to support RITE's future growth.Elaborating on some of the more important accomplishments:RITE, using a recent appeals court ruling, has cancelled millions of outstanding shares and is working to cancel more - all of which were previously issued to some industry "bad actors." RITE is also diligently working to minimize scheduled future share issuances when and where appropriate. Clearly, reclaiming shares and reducing future dilution means there will be more value inuring to each outstanding share, thereby boosting future EPS.RITE, using the statute of limitations on time-barred obligations, has cancelled over three-quarters of a million dollars' worth of convertible obligations which have been overhanging it for years, paving the way for a triple win. Win number one is that RITE is no longer responsible, nor can it be forced to pay ove...

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