04/06/24. P asked:

Q: …I am [concerned] about all of these convertible notes. It seems like there could be billions…of shares converted and sold on the open market. [Can you give us more] information [about RITE’s] plan moving forward? ……

A: …[T]he outstanding convertible debt has been there all along — so nothing has really changed. The only difference is that RITE’s new president has more clearly and concisely laid that information out for all to see.

…RITE’s new president does have a plan and has been, and continues to be, quietly and diligently executing it — despite the criticism he has faced in the blogs and elsewhere. He has also talked about his plan, albeit in a very matter-of-fact manner, in several of his Shareholder Memos.

We urge you to carefully review the preface to, and the chart of, the Convertible Notes Payable found in the footnotes to the financial statements. That chart specifically identifies those convertibles that “may be outside” and those that “may still be within” the “statute of limitations for collection procedures.” We would further suggest you cross reference that information against the convertibles that the president “has executed an option to acquire” which can also be found in that same chart.

It might further reassure you to reread his Shareholder Memo of March 28, 2024, particularly the part that says “once the ‘audit preparatory projects’ are complete, RITE should be in much better shape to escape that labyrinth of age-dated debt that has been amassed over the years; and that should help the Company better navigate the oppressive effects that debt conversions have had on the market price of RITE stock. These issues, among others, will get encapsulated in the declaratory action that the Company is seeking.”

We sincerely hope that our response helps you to more clearly see the vision that management sees.

03/28/24. DV asked:

Q: ……let me start by expressing appreciation for the monthly updates and all the foundational work you’re doing. It will payoff for everyone in the future. I still need to reread and compare the new vs. old financial statements but one thing stood out right away. The [Authorized Shares] of 5 Billion has returned to 20 Billion. Can you provide reasoning for that and let investors know if it will go back to 5 Billion? I know many have invested and are holding for the specific reason of the AS reduction so their investment is not diluted……

A: …Your appreciation for our work is duly noted and will be passed along to the president.

As to your question regarding authorized shares, companies are obliged to perform on their contractual commitments, and RITE needed to increase its authorized shares of common stock to meet the legal requirements of the convertible notes it had outstanding. Many states, including Nevada, assess annual fees on companies based on the number of authorized shares; and in some cases those fees can be substantial. As such, cost was a key factor in making the decision to change domicile from Nevada to Texas. That is to say, as a Texas entity, RITE could more easily afford the on-going costs associated with the increased number of shares that were needed to meet its potential conversion obligations as well as grow the Company by acquisition or otherwise.

The Plan of Merger that was adopted and approved in 2021, upon which the Articles of Merger were based, required the Texas entity to alter its capital structure to embody the legal and contractual structure that already existed in the Nevada entity, with the few notable exceptions of (i) the increase in the number of authorized common shares to 20 billion; (ii) the change to no par value for all classes and series of stock that were outstanding at the time, and (iii) the conversion and voting feature of the series C preferred so that it matched the contractual obligations which had accompanied the issuance of those shares.

The Annual Disclosure statement for the period ending December 31, 2021, and the quarterly statements for the periods ending March 31, 2022 and June 30, 2022, disclosed the number of authorized common shares as 20 billion, but continued to post the old Nevada par value. Clearly the par value was a scrivener error. Then, as RITE was considering re-domesticating back into Nevada, COVID was running rampant and Guy’s health was deteriorating, the old Nevada data crept back into the form; clearly more scrivener errors. Then, once the new president took over, he started his deep dive into the books and records; and that culminated in his amending various State and regulatory records, including the eight financial statements that were posted along with his latest Shareholder Memo; hopefully, eliminating all scrivener errors in the process.

Please note, even though the authorized number of shares is (and was all along ) 20 billion, that does not mean that they will be issued in a dilutive effect. In fact, the declaratory action that RITE is presently engaged in is intended to minimize the potential dilutive effect that outstanding convertible bonds (which were used to finance the company) would otherwise have on RITE going forward. Armed with multiple classes, series and authorized shares, RITE can now go about making acquisitions that will be accretive to book and shareholder value as opposed to dilutive….

03/26/24. Paul asked:

Q: …Nice to see more updates hit OTCM!…

A: …We presume you are referring to the updates which are now being displayed on the OTCMarkets Securities Detail page. There are more updates to this page, and many other pages on this site and others, still forthcoming.

As has been mentioned, there are a host of things that have been occurring behind the scenes on the corporate administration level as well as the business level. Specifically relating to corporate administration, updates have already been posted or will eventually appear as each of the many regulatory bodies complete their reviews, including but not limited to, the State of Texas, OTCMarkets, CUSIP Bureau, and FINRA.

At present, OTCMarkets is still engaged in their review of RITE’s Change of Control Application and FINRA is still engaged in their review of our Change in Domicile and Securities application. It seems that the State of Texas and the CUSIP Bureau have both completed their reviews.

We have also completed a thorough analysis of RITE’s financial filings, and will be updating the last eight quarters plus filing the current quarter as soon as OTCMarkets once again allows us access to their site upon completion of their Change in Control review…

03/08/24. LM asked:

Q: …wondering if in the future, when there is substantial news to be released, will the CEO release it through the news wires so more people will see it? …[We] believe it would be much more beneficial to release news to a broader audience.

A: …As the president has mentioned, we are very carefully releasing information in an effort to run a fine line between what the lawyers want us to say, (which is NOTHING), and what the shareholders want us to say, (which is EVERYTHING) because of the on-going administrative and legal filings and actions in which we have voluntarily engaged in order to finalize the clean-up so that the Company can once again attain auditable status.

Once this has been completed, we will be using all available tools to reach the investing public, including but not limited to, press releases, website releases, email campaigns, IR campaigns, and social media campaigns.

03/06/24. CW asked:

Q: …I’m reaching out on behalf of numerous shareholders….regarding the on going lack of soluble information…people are still investing in the future and…it’s the CEO’s responsibility to instill that confidence….and there’s no current path forward or value to come from what it looks like….[t]here needs to be a clear…direction.

A: …If we may, we would offer the following thoughts that might help you…read between the lines…of [the CEO’s] various memos.
• management has done a deep dive into the books and records of the Company;
• management has identified areas that might likely not be able to pass a full audit;
• management has taken steps to resolve these issues and is working with securities counsel to do just that;
• some of the matters which need to be resolved require court action;
• the legal system in this US runs at the speed of the legal system and the Company has little control over that speed;
• the lack of auditable books and records makes it difficult to offer full, fair and timely public disclosures which affects many activities that the Company might otherwise undertake, including but not limited to, raising money from outsiders, making acquisitions, becoming fully reporting, etc; but
• the lack of auditable books and records does not stop the Company from engaging in certain activities, including but not limited to, obtaining key licenses, buying and developing IP, building “home-grown business” projects, and setting the stage for future acquisitions and growth once the auditable issues have been resolved.

Literally everyone who works for and with the Company are shareholders as well, and we, too, would like to see the stock trading at a higher level right now. That said, we realize that the capital stack of the company, which has been principally financed by convertible debt, has created a share overhang in the marketplace which hampers a share run. So, we continue to work day in and day out to clear these and other obstacles; and we do it with confidence in both the CEO and our collective vision as to where the Company is headed.

01/30/24. PL asked:

Q: …I want to thank you for the updated memo today, and keeping shareholders informed, this is very refreshing! …[To be clear, today’s memo] has nothing to do with the filings [related to] SEC Rule15c2-11…I am…trying to understand what needs to happen [to] move the stock price. I know you aren’t in control of that, but…

A: …Today’s Shareholder Memo was focused on the subject of RITE having passed precious metals industry compliance to establish an account with a leading industry refinery which puts the company on the path to being able to engage in the purchase and sale of precious metals to generate sales revenue and operating income (01-30-2024).

The subject of Sec Rule 15c2-11, auditable books and records, eligible for unsolicited quotes only and related matters has been discussed in prior memos and RITE’s legal counsel is now engaged in completing their activities along these lines as expeditiously as they can (12-29-2023 and 01-08-2024).

The subject of a stock’s price was addressed in an even earlier memo, when the president spoke about reverse splits, stock price fundamentals, and net present value of future earnings streams (12-27-2023).

It is generally believed that changes in the aggregate expectation of market participants is what moves a stock price up or down; and aggregate expectation is generally considered to be a function of where a company is thought to be in its life cycle; the state and direction of the company’s fundamentals, and technical market trading factors as well.

01/23/24. Josh asked:

Q: …Are there any plans currently for a share buy back? …

A: …Surely you understand that we cannot make disclosures to one shareholder without making the same disclosures to all shareholders.

As such, we noticed that you took steps to subscribe to our email list and/or follow us on X (formerly Twitter). This is an excellent way for you to keep informed as to what is happening at RITE, because we normally send out a tweet and an email a few hours before we expect to release information, and we then make those releases around 5 pm EST.

Unfortunately, we are not at liberty to say anything about upcoming news, including but not limited to whether or not there are currently any plans for a share buy back, except to reiterate that there is a lot going on behind the scenes.

We also note that on 12/27/23, RITE’s president did make some public comments on the subject of reverse splits which might give you insight into his position on the subject of share buy-backs. The following is an excerpt from that letter.

“It is my personal belief that if management truly wants to move the price of their company’s stock up, then management needs to take overt action and perform; that is, management needs to grow the company’s profitability and make money for its shareholders. It is also my personal belief that a company’s stock price will approximate the net present value of the sum of the company’s future earnings stream; so, management needs to grow that future earnings stream if it wants the price of the company’s stock to grow.”[—CLICK TO NEWS —]

01/09/24. MarkZ asked:

Q: …Your tweet mentioned news but I could not find a copy of your press release. Am I looking in the right place? …

A: The single best place to find information about RITE will likely be the Investor Relations page on this website.

Investor Submitted Q & A can be found on the right side of the page; News, Press Releases and Financial Filings can be found on the left side of the page.

There are more than 25,000 press release sites worldwide; and it is a likely bet that collectively they handle millions of releases each day. With costs ranging up to and exceeding $1,000 per release, RITE management feels that it is more prudent to distribute News through its own website, targeted to its audience of shareholders and investors-at-large. For shareholder convenience, Financial Filings as well as the occasional Press Release will also be featured here as well.

01/09/24. PL asked:

Q: …every time we seem to be close it just goes further away. Really hope we get some sort of real positive update soon.

A: From management’s perspective, we believe that: (A) fixing the company so that it can become auditable, thereby (i) facilitating the removal of the eligible for unsolicited quotes restriction; (ii) allowing for the filing of a 15c2-11; and (iii) engaging the brokerage community to raise money for the company; while at the same time (B) diligently working on developing profitable business; and (C) nurturing some asset rich acquisitions; all should be considered very positive news to shareholders.

Cleaning and turning a company around takes time, money and effort. Taking the clean company and building it into a profitable enterprise takes even more time, money and effort.

Please bear in mind that every member of the management team is a shareholder as well; so we all are looking for and will benefit from positive market movement along with every other shareholder.

01/08/24. Paul asked:

Q: …I understand the steps that have to be taken but the simple question I have is, is there any sort of timeframe of how long this can take. 1 month? 6 months? 1 year?….I really think that as shareholders it is our right to have an idea even if it is just a guesstimate. We have been in the dark for so long and would appreciate a timeframe of when the light is coming.

A: Our new president does not guestimate on behalf of others.

He has given RITE’s shareholders as much guidance as he can regarding the subject of timing by stating: “we are proceeding as expeditiously as possible given the time requirements and constraints imposed by the US Federal Court system….” and the “company, management and shareholders will all have to remain patient and quiescent for the short period of time it will still take, according to the attorneys…” Please keep in mind, “this path is the only path that we can take to get where we need to go.”

It is also true that our new president is “…not, by nature, a patient person…” So, shareholders can rest assured that he will do his very best to make sure this process does not take one minute more than it needs to take. We “…will endeavor to keep RITE shareholders informed…” and in the meantime, the “management team will still be diligently working behind the scenes on the profitable projects we are developing and the acquisitions we are nurturing.”

01/07/24. SF asked:

Q: …Do you intend to add your advisory board to OTC Markets as board of directors? The new website looks great….

A: The Advisory Board and the Board of Directors are two distinctly different groups, with the former being an advisor to the latter. As such, the Advisory Board will not be listed on OTCMarkets under the Board of Directors heading.

Furthermore, certain websites, such as OTCMarkets, require extensive disclosure materials to be submitted along with sizable due diligence fees. As will become apparent as soon as the forthcoming president’s Shareholder Memo is published, there are a number of other changes in the works, and it will be more efficient for RITE to undertake the process of updating these external websites in the near future after certain other actions have been completed.

01/05/24. JDC asked:

Q: …The website looks great! Since you have completed launching the website what is your next plan of execution?…

A: Now that the new website is live, RITE has the means to make disclosures to our shareholders and the investing public at large in an easy and timely manner while ensuring that all parties have equal access to the full and fair disclosures that we make.

It is our intention to make regular news announcements when we have important matters to disclose, and these will appear on the left side of the page under the heading News, Press Releases and Financial Filings. These postings will generally be announced by a Tweet, an email, and/or some other method which will alert folks to the new posting.

When investors submit questions, it is our intention to respond to them by return email. If we deem the subject matter to be of general interest, then we will post the questions and our response on the right side of the page under the heading Investor Submitted Q&A.

RITE will diligently work to ensure that disclosures are made such that all shareholders will have equal access to full, fair and timely information.

We expect a forthcoming Shareholder Memo to be out as early as next week.

 12/28/23. Mark asked:

Q: Thank you for your Shareholder Letter of December 20. In it you said RITE “we will look to infuse, develop and acquire new, on-going, and profitable streams of business. We intend to parlay that activity into the development of other projects and asset rich acquisitions.” Does new management intend to raise capital in the near future?

A: Virtually all micro- and small-cap companies have a continual need for capital, and RITE is no exception. Many of the friends, family members and advisers of RITE have undertaken commitments to infuse capital into the company; and as part of the refurbishing and remodeling process, RITE’s new management team has been working on obtaining and negotiating agreements with outside investment capital sources as well. It should be noted, though, that our new president is highly adverse to obtaining capital through the issuance of ‘toxic debt’ as has been done repeatedly in the past. Therefore, the answer to your question is YES — RITE is actively interested in obtaining additional capital to deploy in projects that will be accretive to shareholder value.

12/22/23. Jesse asked:

Q: Thank you for the new PR you have released on you website. Can you please confirm you’ll be fixing the unsolicited quote in the mean time? Thank you

A: …our new president was the founder of three brokerage firms, a mutual fund, a transfer agent, two investment advisors and a host of other companies; he has taught Securities Licensing classes…is the author of two highly regarded books on…investing. We believe…[he is] versed on…the subject of unsolicited quote only restrictions and the effects…on future market price movements…[and]…psychological effects on investors…[He will] make a public statement…[but] only in a public forum so that all shareholders will have equal access to full, fair and timely information…[This] is slated to be addressed as soon as the new website goes live. [—CLICK TO NEWS —]

12/21/23. Paul asked:

Q: Does the company still plan on having the investor relations portion completed this week? It would great to have before Christmas.

A: …the new investor relations page…will only go live coincident with…new website. …based on…requests, we successfully encouraged…[the] new president to issue a memo…and then arranged…to have an icon placed onto our Under Construction page…We hope that this action…helps demonstrate the commitment [of]…new management…to full, fair and timely disclosures… [—CLICK TO NEWS—]

12/15/23. Nick asked:

Q: …I actually had one follow up question that is always important to investors…is there any plan for a reverse split in the foreseeable future?…

A: …we are excited to share information as soon as we are able to do so; and that will happen as quickly as we can make things happen. Press releases, email, and twitter, among other methods, are all tools which we have at our disposal to communicate with our shareholder base and the public at large… you might also want to subscribe to our mailing list. Emails will automatically be generated to subscribers when additions/changes are made to either the Investor Q & Management A section or the News, Press and Financial section of the IR Page on our soon to be released website. [—CLICK TO NEWS —]

12/15/23. Paul asked:

Q: …shareholders have been patiently waiting for some sort of update for almost 2 years now. We have been told “soon, soon, soon” every 6 months for 2 years….curious if shareholders can expect absolutely any sort of company communication before the end of the year…

A: There is a lot going on behind the scenes…but we are not ready to release any information just yet…things will slowly pop up…when we are ready to start talking publicly…we are excited to share information as soon as we are able to do so; and that will happen as quickly as we can make things happen…[the] new investor relations page will allow us to more efficiently answer investor questions in a more public forum so that all of our investors will benefit from the answers…

12/09/23. Thomas asked:

Q: … is there any substantial updates that you may be able to provide on acquisitions or any other business developments? The Twitter handle promised more regular updates in July, but we have not heard a peep since….

A: …There is a lot going on behind the scenes right now at RITE. Regarding substantial updates, this information will be released to all shareholders through the investor relations page on our new website which we expect to go live around the 1st of January, so that all shareholders and investors will have equal access to full, fair and timely disclosure…Press releases, email, and twitter…are all tools which we [intend to use]…Please be sure to subscribe to our email list when the new website goes live.

12/08/23. John asked:

Q: Interested in RITE. I noticed that its PQE [Proprietary Quote Eligibility] Status is NO. Could you please tell me why?….

A: …The new president of the company will address your question regarding PQE status through a Shareholder Memo which will be posted and available to all shareholders once our new website (www.mineral-rite.com) goes live, around the first of January. In this way, all shareholders will have equal access to full, fair and timely disclosure… [—CLICK TO NEWS—]

12/07/23. Christopher asked:

Q: …The old leadership shared with shareholders via email and twitter there was no plans for a reverse split anytime soon, does the new leadership feel the same? Can shareholders expect to see the new website in early 2024? Is that when and where we will find out the new direction of the company? Is it safe to say that shareholders might get a few press releases in early 2024?…

A: …our new president was the founder of three brokerage firms, a mutual fund, a transfer agent, two investment advisors and a host of other companies; he has taught Securities Licensing classes…is the author of two highly regarded books on…investing. We believe…[he is] versed on…the subject of stock splits, both forward and reverse, and the effects…on future market price movements…[and]…psychological effects on investors…[He will] make a public statement…[but] only in a public forum so that all shareholders will have equal access to full, fair and timely information…[This] is slated to be addressed as soon as the new website goes live. [—CLICK TO NEWS—]