PARK CITY, UT / ACCESSWIRE / March 3, 2022 / NRP Stone, Inc. (OTC PINK:NRPI):
NRP Stone, Inc. (Symbol: NRPI) is pleased to announce the successful acquisition of the remaining 20% of Uplift Aerospace. Originally, the company acquired 80% of Uplift in 2021. Since that time, Uplift has successfully met and, in many cases, exceeded its expectations. As a result, NRP Stone made the strategic decision to concentrate on building the operations of Uplift. In keeping with that resolve, management deemed it in the best interest of shareholders to acquire the outstanding shares of Uplift to make the company a wholly owned subsidiary of NRP Stone.
The remaining 20% was acquired for 95 Series B Convertible Preferred Stock. The acquisition included a corresponding shareholder agreement that set a limitation on the conversion rights of the preferred shares to prohibit the conversion of the preferred shares until specific market value milestones. The shareholder agreement specifies that the preferred shares cannot be converted until NRP Stone, Inc. reaches a market value of $1,000,000,000.00 of all its common stock, at which point 5% of the preferred shares can be converted at any time. The shareholder agreement also limited the conversion of the remaining preferred shares to an additional 5% convertible at $2,000,000,000.00 and the full amount (100%) of the preferred shares convertible once NRP Stone, Inc. common stock reaches a market value of $10,000,000,000.00.
Final transitions to fully integrate Uplift Aerospace as NRP Stone are expected to occur in Q2 and Q3 of 2022. Josh Hanes, CEO of Uplift Aerospace, commented, "We are pleased with the progress we have made this past year and look forward to additional short-term and long-term successes. We have developed some great collaborations and partnerships, including NASA and Blue Origin, with whom we expect to launch very exciting projects. As always, we will continue to concentrate our operational efforts on initiatives that bring the greatest value to our shareholders."
ABOUT UPLIFT AEROSPACE
An emerging leader in the rapidly transforming space industry, Uplift Aerospace is pioneering revolutionary systems to manufacture, trade, and deliver products for a multiplanetary economy.
MEDIA CONTACT: [email protected]
Symbol: NRPI. For the latest updates, visit upliftaerospace.com and follow @upliftaerospace on Facebook, Instagram, and Twitter.
Disclosures and Caution Concerning Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, economic and market factors, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company, its management, or affiliates, undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: NRP Stone, Inc.