Planet Resource Recovery, Inc. (OTC:PRRY) amphibious off-road vehicle manufacturer long-term business plan with Reg A+ registration
Planetary Resource Recovery (OTCMKTS: PRRY)
SARASOTA, FLORIDA, USA, July 21, 2022 /EINPresswire.com/ — All-terrain amphibious vehicle (ATV) manufacturer Planet Resource Recovery, Inc. (OTC:PRRY) today announced that it has completed its Reg A+ offering statement and in concert with the filing recapitalized the company with an increase in the authorized capital structure.
Reg A+ offerings have been very successful for many companies to grow their business on a regular and organic basis for private and public reporting and non-reporting companies. The offer enables companies to access capital markets and avoid alternative toxic debt-type financing.
PRRY will be able to legally issue shares directly to long-term investors, hedge funds and investment firms that support the company’s strategy to reactivate the production line of its MAX ATV product line (www. .maxatvs.com).
Planet Resource Recovery, Inc. CEO Andrew Lapp said, “The Company’s Board of Directors believes that the establishment of a Regulatory A offering will enable the Company to raise the capital necessary to raise tools and to aggressively purchase inventory production quantities from more than 100 ex-MAX suppliers to manufacture complete vehicles beginning in 2023. The board also intends to hire ex-MAX experienced MAX engineers in the near term and to secure a suitable manufacturing facility in Western New York that can accommodate our growing sales, which are expected to exceed 2,000 vehicles per year by 2026. We believe that this is the optimal decision for us as a company as well as for incoming and existing shareholders.
MAX ATVs were originally manufactured by Recreational Industries Inc. of Buffalo, New York between 1969 and 2013. In November 2021, PRRY acquired the MAX ATV brand and assets, including all intellectual property in the form of CAD drawings, for a pre-existing range of best-selling vehicles and accessories, 43 years of supplier and customer records, historical toll-free phone number and website URL, and assets physics, including all major tools needed to craft MAX vehicles.
PRRY will initially focus on building the MAX line of off-road vehicles from existing and proven designs, which will serve to re-establish the supply chain and regain faster acceptance in the broader global ATV market. , which continues to grow to over 1,010,000 units per year. Essentially, PRRY will reactivate the assembly line for proven products built using pre-existing designs. This will relaunch the business in a reduced timeframe, which in turn will allow new products to be launched sooner to fuel growth.
Galen Reich, President of PRRY, has worked in senior management with MAX ATVs continuously for 29 years – 20 years with the original founding company Recreational Industries Inc. and nine years with subsequent owners. Mr. Reich has highly specialized knowledge associated with the amphibious ATV industry and specifically what has made MAX profitable every year in the recreation era. Galen notes, “I’ve seen the ups and downs of MAX production and sales – what’s working well in this industry, the pitfalls to avoid, and most importantly, what’s needed to accelerate MAX ATV sales and artificially break- cap imposed under previous private ownership. When PRRY has 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 over the next few years include moving to the OTCQB and eventually NASDAQ as well as acquiring selected suppliers for supply chain consolidation. Filing for Reg A+ and recapitalizing the company is one of our first steps towards these goals.
For investor relations questions, email [email protected] or call 800-255-2511.
Visit http://www.recreatives.com/ for future announcements.
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