TORONTO, ON--(Marketwired - Mar 24, 2017) - R-Three Technologies Inc. (OTC PINK: RRRT) announces today that it is temporarily suspending its operations pending funding to implement the Company's business plan. Stan Kolaric, the Company's president and CEO stated, "It is with regret that we have chosen to temporarily suspend our business development activities at this time. The Company's attempts to secure adequate capital from either banks or investors have not been successful."
Mr. Kolaric went on to say that, "The Company is attempting to secure a minimum of $200,000 in debt or equity financing. If we secure such level of funding, the Company will be in a position to continue to lay the foundation to implement our business plan. An additional $800,000 will be required to fully implement the business plan and establish operations. While we believe that this $1 million capital infusion will support our operations for the next year, a rollout of our products throughout Canada and the United States will require an additional $1 million in capital investment."
R-Three Technologies' business strategy is to produce multiple products from recycled asphalt shingles including interlocking asphalt bricks through recycling asphalt shingles in their entirety. The bricks are designed to compete favorably with asphalt and concrete in a variety of commercial applications including driveways, patios, pool decks, courtyards, sidewalks and medians. Nails will also be recovered and sold for scrap. The Company's product can be pressed into larger sized segments and installed as sound barrier panels, cushioned factory or stable floors, and many other uses. The products will be lighter and yet denser than asphalt and are non-porous. The product is easier to install than concrete and can be sold at price points as low as 30% less than comparable asphalt and concrete products.
Forward Looking Statements:
This press release includes a number of forward-looking statements that reflect Management's current views with respect to future events and financial performance. You can identify these statements by words such as "may," "will," "expect," "anticipate," "believe," "estimate" and "continue," or similar words. Those statements include statements regarding the intent, belief or current expectations of us and members of our management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in this press release and our filings as posted on the OTC markets and with the Securities and Exchange Commission. Important factors currently known to Management could cause actual results to differ materially from those in forward looking statements. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time. We believe that our assumptions are based upon reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or the results of our future activities will not differ materially from our assumptions. Factors that could cause differences include, but are not limited to, expected market demand for our products, fluctuations in pricing for materials, and competition.