ATLANTA, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Rainco Industries, a private equity investment firm based in Atlanta, GA with offices in Charlotte, NC, announces it has completed a transaction involving the sale of its asset, Greenwood Finance Group, LLC., valued at $18 million, to Revolutionary Concepts, Inc. (OTCBB:REVO) www.revolutionaryconceptsinc.com.
In recent comments from Nicole Singletary, President of Rainco Industries, she states, "Rainco and its investors have been heavily involved in the funding of RCI for 2 years. Recently we began discussions seeking opportunities that would satisfy the investment objectives of our firm while creating value for RCI and its shareholders. We have a great deal of enthusiasm for the technology and desire to see its implementation in the security and healthcare market place. Our association with RCI has been that of both a creditor and a shareholder. The sale of our assets immediately creates a considerable return on our investment while generating over $7 million in revenue and $3.5 million in profit for RCI with $15-$18 million in asset book value. It further offers cash flow to aid in the development of the "EyeTalk" technology and a tremendous increase in stock value.
Our analysts believe the current trading of RCI shares is significantly undervalued and the future estimated value of RCI shares should be in the range of 0.23 to 0.31 cents per share based on a fair multiple of 20, $3.5 million in earnings, and the number of shares outstanding.
This transaction creates a win for all parties and allows Rainco Industries to focus on key objectives for 2013 including the expansion of our corporate offices in Charlotte, a $25 to $40 million energy related investment, real estate investment, and creation of a management company to oversee new and potential acquisitions."
About Rainco Industries
Rainco Industries Inc. is a private equity firm focused on investment and funding to small cap and micro-cap companies and provides consulting services in the areas of corporate structure, financing, mergers & acquisitions, investor relations, and marketing. We have access to over 2000 partners ranging from institutional & commercial banks, insurance companies, and private/public funds both domestic and international. Rainco currently has offices in Atlanta, GA and Charlotte, NC. www.raincoindustries.com
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to the Company's most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.