CLEVELAND, OHIO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Range Impact, Inc. (OTC: RNGE) (“Range Impact” or the “Company”), a public company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing, announced the sale of non-core assets as part of its strategic plan to focus on reclaiming and repurposing Company-owned mine land throughout Appalachia.

Asset Sale

On August 22, 2024, Collins Building & Contracting, Inc. (“Collins Building”), a wholly-owned subsidiary of the Company, entered into an asset purchase agreement (“Asset Purchase Agreement”) with several entities owned and controlled by Roger L. Collins, Jr. (“Purchasers”) pursuant to which Collins Building agreed to sell a mechanics shop and stone quarry, as well as certain vehicles, equipment and other related parts and supplies to the Purchasers in exchange for the full and complete cancellation and discharge of the outstanding, unpaid principal balance and accrued interest on two promissory notes totaling $2,940,836 due from Collins Building to Mr. Collins.

The assets sold pursuant to this Asset Purchase Agreement were originally acquired from Mr. Collins in August 2023 in connection with Range Impact’s plan to expand its reclamation services into an adjacent line of business focused on abandoned mine land and bond forfeiture reclamation projects in West Virginia (the “AML Business”). After conducting a review and assessment of the current and future risks and opportunities related to this expanded line of reclamation services, Range Impact’s Board of Directors determined that it was in the shareholders’ best interests that the Company exit the AML Business in order to focus its capital and human resources on the reclamation and repurposing of Company-owned mine sites.

Michael Cavanaugh, Range Impact’s Chief Executive Officer, stated, “At this time last year when we acquired assets to support our expansion into abandoned mine land reclamation projects in West Virginia, we were excited about the prospects of a new line of business that could leverage our reclamation talents, add incremental profitability to our bottom line, and advance our mission of improving environmentally-damaged mine sites in Appalachia.” Cavanaugh added, “However, our team has found abandoned mine land reclamation work to be administratively and operationally challenging, with a disproportionate amount of time, capital and human resources allocated to these AML projects, particularly when compared to alternative opportunities in the marketplace. Rather than stubbornly fight these systemic challenges that in our opinion are unlikely to change, we made the decision to exit this line of business and eliminate all associated debt. This sale of non-core AML assets and the cancellation of nearly $3.0 million of associated debt allows our team to now focus all of our time, capital and human resources on reclaiming and repurposing Range Impact-owned mine land in Appalachia, which we believe provides a truly differentiated approach to land arbitrage investing and the greatest long-term value creation opportunities for our shareholders.”