Business
Amphibious All-Terrain Vehicle Manufacturer Planet Resource Recovery, Inc. (OTC: PRRY) Long-Term Business Plan with Reg A+ Registration
Amphibious All-Terrain Vehicle Manufacturer Planet Resource Recovery, Inc. (OTC: PRRY) Long-Term Business Plan with Reg A+ Registration.
About this update from Recreatives Industries, Inc.
[{"type":"text","content":"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 e...