$RSHN Rushnet, Inc. and its Subsidiaries Persist in the Climb Towards its Major Milestones and Goals
https://www.accesswire.com/viewarticle.aspx?i...iuck6mveii
ALPHARETTA, GA / ACCESSWIRE / April 6, 2022 / Rushnet, Inc (OTC PINK:RSHN), (the "Company"
is pleased to announce an update as it progresses toward its major milestones and goals.
The audit will be completed shortly with minor adjustments. On the heels of receiving a positive response from the ongoing audit, the company is faced with a critical decision that must be made in order to avoid any negative effect to the greater vision and timeline of the company's goals.
The Rushnet, Inc. of the past is long gone. However, remnants of its historical dealings still cling to the business that have posed challenges to current management as it navigates the public sector in pursuit of the long-term goals that we've set for the current Rushnet. Today, we have a completely new face, new management and new goals within the National Diagnostics Laboratory and the Healthcare Billing and Coding space which is operating today as heliosDX and Grandeza Healthcare. The services and objectives of today are completely different and have an ultimate goal of continuing the enhancement of shareholder value. As in life, a business can be presented with various paths to choose in order to stay the course and achieve its ultimate long-term vision. The company's (heliosDX and Grandeza Healthcare) goals have not changed: grow the business to $50 million in revenue in three years and thereby increase shareholder value. The company has not wavered from this target and aims to accomplish this vision. The main primary target on this long-term path has been to acquire another toxicology laboratory that we know will greatly benefit the business and its shareholders.
The paths for moving forward sometimes become foggy and entangled in the historical "issues" that have been and become challenges in the midst of the forest through which we trek. However, management has known all along that the paths still ultimately lead to the main objective and its primary next step of the acquisition. With that picture painted, we would like to provide further details of the past few months which have led to hurdles which have forced a critical decision to ensure that we stay the course.
The means for acquisition comes through funding that we seek in order to provide the steppingstone to the next level. The path has led us in initiating a reverse split which was a requirement of one of the more attractive funding options presented to the company that would provide access to more than sufficient funding needed. After submitting the application to Finra in October of 2021, it has become clear after six months that the historical "issues" will require further costly attention, time, and detail. Due to this we have withdrawn the reverse split application so that we can proceed in moving forward on the company's roadmap. We now have a path that does not require the reverse stock split and still satisfies the funding needs.
To answer those posing the "why quit now," and/or "what now" question, here's the simple answer. Other paths became clear with, also, more than sufficient funding, less hassle, and the avoidance of negative shareholder reaction to a reverse stock split. The frustrations by the Rushnet investors are not unheard, nor unfelt by Rushnet management. Our persistence at finding the better, more efficient way is relentless and we hope that this fervor drives a confidence within the investor base and the community that we will stop at nothing to obtain the goals that we have set for the company. Now we are able to satisfy investor demands of avoiding the reverse stock split.
If you're still left pondering on this decision and asking "why," see the additional supporting highlights to our decision-making process. In a concise presentation of weighing the pros and cons, the decision boils down to this:
Proceeding with the stock consolidation process:
would cost the company time and money, and thus, become a detriment to the business
is viewed negatively by many investors
has at least some potential of becoming an obstacle to:
Acquisition of target laboratory
Long term goal of $50 million in revenue
By withdrawing from the corporate action process, we:
Can move forward with the Acquisition
Can move forward with the split off of heliosDX to pursue uplist of heliosDX, resulting in a dividend to RushNet shareholders instead of a consolidation
Provide potential share conversions
Can reduce Rushnet structure through other means
Can explore other possible shareholder incentives to benefit the shareholders and company in the long run
More details on the above will be announced as soon as Rushnet's Tier 2 Regulation A application is submitted, and an "Ex-dividend date" is set. In standard fashion, Rushnet strives to be transparent and provide information on this journey as quickly and clearly as possible while adhering to SEC regulations. Now that the path is clear, we anticipate quick action once we have received the official clean bill of record from the auditors at Somerset CPA's and Advisors. From that point we will file Rushnet's Tier 2 Regulation A with the SEC and trigger the initial phase of funding to close on the targeted laboratory. We anxiously await checking that first mountain of a milestone in route to the goal of $50 million in revenue.
https://www.accesswire.com/viewarticle.aspx?i...iuck6mveii
ALPHARETTA, GA / ACCESSWIRE / April 6, 2022 / Rushnet, Inc (OTC PINK:RSHN), (the "Company"
is pleased to announce an update as it progresses toward its major milestones and goals. The audit will be completed shortly with minor adjustments. On the heels of receiving a positive response from the ongoing audit, the company is faced with a critical decision that must be made in order to avoid any negative effect to the greater vision and timeline of the company's goals.
The Rushnet, Inc. of the past is long gone. However, remnants of its historical dealings still cling to the business that have posed challenges to current management as it navigates the public sector in pursuit of the long-term goals that we've set for the current Rushnet. Today, we have a completely new face, new management and new goals within the National Diagnostics Laboratory and the Healthcare Billing and Coding space which is operating today as heliosDX and Grandeza Healthcare. The services and objectives of today are completely different and have an ultimate goal of continuing the enhancement of shareholder value. As in life, a business can be presented with various paths to choose in order to stay the course and achieve its ultimate long-term vision. The company's (heliosDX and Grandeza Healthcare) goals have not changed: grow the business to $50 million in revenue in three years and thereby increase shareholder value. The company has not wavered from this target and aims to accomplish this vision. The main primary target on this long-term path has been to acquire another toxicology laboratory that we know will greatly benefit the business and its shareholders.
The paths for moving forward sometimes become foggy and entangled in the historical "issues" that have been and become challenges in the midst of the forest through which we trek. However, management has known all along that the paths still ultimately lead to the main objective and its primary next step of the acquisition. With that picture painted, we would like to provide further details of the past few months which have led to hurdles which have forced a critical decision to ensure that we stay the course.
The means for acquisition comes through funding that we seek in order to provide the steppingstone to the next level. The path has led us in initiating a reverse split which was a requirement of one of the more attractive funding options presented to the company that would provide access to more than sufficient funding needed. After submitting the application to Finra in October of 2021, it has become clear after six months that the historical "issues" will require further costly attention, time, and detail. Due to this we have withdrawn the reverse split application so that we can proceed in moving forward on the company's roadmap. We now have a path that does not require the reverse stock split and still satisfies the funding needs.
To answer those posing the "why quit now," and/or "what now" question, here's the simple answer. Other paths became clear with, also, more than sufficient funding, less hassle, and the avoidance of negative shareholder reaction to a reverse stock split. The frustrations by the Rushnet investors are not unheard, nor unfelt by Rushnet management. Our persistence at finding the better, more efficient way is relentless and we hope that this fervor drives a confidence within the investor base and the community that we will stop at nothing to obtain the goals that we have set for the company. Now we are able to satisfy investor demands of avoiding the reverse stock split.
If you're still left pondering on this decision and asking "why," see the additional supporting highlights to our decision-making process. In a concise presentation of weighing the pros and cons, the decision boils down to this:
Proceeding with the stock consolidation process:
would cost the company time and money, and thus, become a detriment to the business
is viewed negatively by many investors
has at least some potential of becoming an obstacle to:
Acquisition of target laboratory
Long term goal of $50 million in revenue
By withdrawing from the corporate action process, we:
Can move forward with the Acquisition
Can move forward with the split off of heliosDX to pursue uplist of heliosDX, resulting in a dividend to RushNet shareholders instead of a consolidation
Provide potential share conversions
Can reduce Rushnet structure through other means
Can explore other possible shareholder incentives to benefit the shareholders and company in the long run
More details on the above will be announced as soon as Rushnet's Tier 2 Regulation A application is submitted, and an "Ex-dividend date" is set. In standard fashion, Rushnet strives to be transparent and provide information on this journey as quickly and clearly as possible while adhering to SEC regulations. Now that the path is clear, we anticipate quick action once we have received the official clean bill of record from the auditors at Somerset CPA's and Advisors. From that point we will file Rushnet's Tier 2 Regulation A with the SEC and trigger the initial phase of funding to close on the targeted laboratory. We anxiously await checking that first mountain of a milestone in route to the goal of $50 million in revenue.
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