CLEVELAND, OHIO – (March 15, 2022) – MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”) announces that it has entered into a non-binding letter of intent (the “Letter of Intent”) with the owners of Range Environmental Resources, Inc. (“Range”), a West Virginia-based environmental services company operating throughout Appalachia, to purchase 80% of their shares in Range in exchange for Ten Million (10,000,000) shares of Malachite’s common stock and One Million Dollars ($1,000,000) in cash. Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction and employment agreements with the two owners of Range, satisfaction of the conditions negotiated therein, and approval of the transaction by the Malachite board of directors.
In October 2021, Malachite expanded its corporate strategy through the formation of a new operating subsidiary – Daedalus Ecosciences – to invest in environmental, social and governance (“ESG”) value creation opportunities with the goal of improving our people-planet ecosystem. Daedalus Ecosciences will serve as the holding company of various operating businesses that are anticipated to provide direct and measurable improvement to our environment, with a particular focus on the most challenging socio-economic areas of our country, such as Appalachia, to maximize the good we do for people and the planet. Range would be Malachite’s first investment under its new ESG investment strategy.
“Range is an environmental services business that primarily focuses on the reclamation of former coal mines, the remediation of non-compliant streams and waterways, and the reimagination of challenging environmental situations into next generation industries and job-creating commercial activities,” stated Michael Cavanaugh, Malachite’s Chief Executive Officer. “We believe that this acquisition can serve as a catalyst for the acquisition and organic growth of several additional ESG investment opportunities that complement Range with the goal of creating a large, multi-faceted earth-focused operating business unit with substantial revenues and profits,” Cavanaugh stated.
About Malachite Innovations, Inc.
Headquartered in Cleveland, Ohio, Malachite Innovations, Inc. is an innovative socially-conscious company dedicated to improving the health and wellness of people and our planet. Malachite deploys this dual, interconnected strategy through two wholly-owned operating subsidiaries. Daedalus Ecosciences, our operating unit dedicated to improving the health and wellness of our planet through ESG investments, seeks to identify, invest in and reposition challenging environmental situations with a particular focus on technological innovations and eco-friendly solutions deployed in economically challenged communities. Graphium Biosciences, our operating subsidiary dedicated to improving the health and wellness of people, seeks to advance our broad portfolio of over 100 novel cannabinoid-glycoside compounds created using our proprietary enzymatic bioprocessing technologies to develop safe and effective novel treatments for chronic and debilitating conditions, with an initial focus on inflammatory bowel disease.
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Malachite Innovations, Inc.
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