Woodinville, WA, July 17, 2024 (GLOBE NEWSWIRE) -- CarbonMeta Technologies Inc. (OTC EXPERT:COWI) today provides the following shareholder letter from Lloyd Spencer, President and CEO.
To our valued Shareholders:
As President and CEO of CarbonMeta Technologies, I must thank you again for your continued patience and support. The following update addresses many questions that we have received from current and prospective shareholders about our progress and plans; we trust that our shareholders will continue to give valuable feedback to our Investor Relations team.
Change in Reporting Status
CarbonMeta Technologies regrets to announce that we will be changing our stock market listing and reporting status. We are moving from being a fully SEC-reporting company to trading on the OTC Markets Pink tier with more limited disclosure requirements. This change represents a reduction in our public reporting obligations and visibility in the financial markets. During this period, the company will be temporarily trading on the OTC Markets Expert Market until we file our 2023 annual report and the 2024 Q1 quarterly report. This decision was not made lightly, but we believe it is in the best interest of the company and its shareholders in the current market environment.
Carbon Conversion Group "Spin Out"
As previously announced, CarbonMeta Technologies' shareholders will receive 1 common share of Carbon Conversion Group, Inc. stock for every 3,000 common shares of CarbonMeta Technologies common stock (OTC PINK) owned on the record date of June 23, 2023.
The Company is in the final stages of working with and receiving regulatory approvals from FINRA (Financial Industry Regulatory Authority) and the SEC (Securities and Exchange Commission) to complete the spin-out in 2024.
Carbon Conversion Group, Inc. (CCG), realized revenues and accrued prepaid revenues from the sale of solar panels and accompanying materials during the past year. Additionally, CCG has been actively engaging with city and state officials to explore cooperative development opportunities for innovative waste remediation facilities in the United States.
Cement-Less Concrete Initiative in Saudi Arabia
We are fully committed to our cement-less concrete initiative in Saudi Arabia. This initiative aligns with our mission to provide sustainable and innovative building materials that reduce the carbon footprint of construction projects. Our collaboration with local partners in Saudi Arabia is progressing well, and we are excited about the potential impact of this project on the global construction industry.
Discontinuation of 3D Printer Filament Operations
In line with our strategic focus on high-value projects, we have discontinued our operations related to recycled 3D printer filaments. This decision allows us to concentrate our resources and efforts on initiatives that we believe will provide the greatest benefit to our shareholders and contribute to our long-term success.
Commitment to Innovation and Sustainability
CarbonMeta Technologies remains committed to innovation and sustainability. Our focus on developing and commercializing technologies that transform waste into valuable resources continues to drive our strategic decisions. We are dedicated to creating value for our shareholders while making a positive impact on the environment. We've faced challenges before, and each time, we've emerged stronger. This time will be no different.
Thank you for your continued support and confidence in CarbonMeta Technologies. We look forward to sharing more updates with you in the near future.
About CarbonMeta Technologies Inc.
CarbonMeta Technologies (OTC EXPERT:COWI), headquartered in Woodinville, Wash., is a research and development company that commercializes the processing of industrial and organic waste materials to produce hydrogen and high-value carbon products economically and sustainably. CarbonMeta Technologies is working on commercializing patented and proprietary microwave catalysis processes for producing hydrogen and carbon products such as graphite, graphene and carbon nanotubes. CarbonMeta Technologies is also commercializing a proprietary CO2 capture technology for producing cementless concrete that is carbon-negative and captures up to 10% CO2 by weight during production. The company is based in Woodinville, Washington, and has several subsidiaries, each with its own focus on high-value solutions for environmental sustainability.
For more information about CarbonMeta Technologies, please visit www.CarbonMetaTech.com.
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The ability of the Company to complete and file its Fiscal Year 2016 annual report on Form 10K relies on third parties to complete their activities. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT INFORMATION
CarbonMeta Technologies Investor Relations
(425) 620-2366
Investor@CarbonMetaTech.com
