MALACHITE INNOVATIONS ANNOUNCES SIGNED LETTER OF INTENT WITH RANGE ENVIRONMENTAL RESOURCES, INC.

CLEVELAND, OHIO, March 15, 2022 (GLOBE NEWSWIRE) -- MALACHITE INNOVATIONS, INC. (OTCMkts:MLCT) (“Malachite”) announces that it has entered into a non-binding letter of intent (the “Letter of Intent”) with the owners of Range Environmental Resources, Inc. (“Range”), a West Virginia-based environmental services company operating throughout Appalachia, to purchase 80% of their shares in Range in exchange for Ten Million (10,000,000) shares of Malachite’s common stock and One Million Dollars ($1,000,000) in cash. Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction and employment agreements with the two owners of Range, satisfaction of the conditions negotiated therein, and approval of the transaction by the Malachite board of directors.