SOURCE: Rhino Human Resources, Inc.

February 23, 2012 10:49 ET

Rhino Human Resources Satisfies Previous Debts, in Final Preparations for Audit

HOLBROOK, NY--(Marketwire - Feb 23, 2012) - Rhino Human Resources, Inc. (PINKSHEETS: IFHR), Holbrook, New York, today announced that it has satisfied its previous debt from 2010, mostly resulting from operating expenses during that period. Past debt accrued over several years can be cause for concern anytime a company plans to become fully reporting with the SEC, which requires an audit by an independent accounting firm. The company did take on a small amount of debt in 2011, all of which has been disclosed in its financial disclosures, but this was well documented and kept to a minimum.

"Nothing satisfies an auditor more than having debts from previous years paid in full," said the company's CEO, Ray Barton. "By now everyone knows that becoming fully reporting is our goal, and again we are doing what is necessary to prepare for that leap forward. It will allow us to merge with a real company with a track record of success, and the kind of company we want to merge with will want to deal with as few past debts as possible. This is why we felt we needed to do this now, as we get ready to enter into an agreement with an accounting firm to audit the company."

Barton says he is determined to have Rhino become a fully reporting entity right away and achieve the goal of closing a merger with a candidate that truly changes the company's direction. He also wants to point out to shareholders that this is another example of the careful steps being taken to assure fully reporting status sooner rather than later in order to increase the value of the firm. Barton goes on to say, "This was just one small step in several giant leaps the company has made recently towards fully reporting status and the ultimate goal -- to merge with an established, high value business bringing high value to the shareholders who have been so patient. I am announcing it, because I want the shareholders to know how serious I am, and that steps are being taken on a daily basis to finally make it happen."

ABOUT RHINO HUMAN RESOURCES

Rhino Human Resources, previously INFE Human Resources, operates a wholly owned subsidiary, LoneStaffing, Inc., that consults businesses and helps them recruit commission only sales reps. Recently, management has decided to seek out a merger candidate in an emerging market to take the company to a higher level. For more information Contact: Investor Relations 1-877-571-6184.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it.

Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.

Contact Information

  • For more information Contact:
    Investor Relations
    1-877-571-6184