SCOTTSDALE, AZ / ACCESS Newswire / December 22, 2025 / Eco Innovation Group, Inc. (OTC:ECOX) (“ECOX” or the “Company”) and WRA Holdings, Inc. (“WRA”) today announced that Harbinger Research, a CFA-led independent research firm, has initiated coverage of the Company with a Buy rating following the completion of ECOX’s merger with WRA Holdings, Inc. (“WRA”).
The coverage initiation reflects Harbinger Research’s assessment of ECOX’s evolving business profile following the merger, including the Company’s strategic focus on large-scale infrastructure, environmental redevelopment, and sustainable development initiatives in Costa Rica. The research report highlights improvements to the Company’s capitalization following the WRA merger, the elimination of legacy non-strategic obligations, and the expanded scope of ECOX’s operating platform through WRA’s national infrastructure initiatives.
According to the report, Harbinger Research evaluated the Company’s post-merger positioning, governance framework, and development strategy, noting that the transaction materially reshapes ECOX’s long-term growth profile. The analyst issued a Buy rating based on qualitative and strategic factors, citing the scale of WRA’s development plans and the Company’s evolving capital structure.
“Harbinger Research’s coverage comes at an important point in the Company’s evolution,” said Richard Hawkins, Chief Executive Officer of Eco Innovation Group. “It reflects the progress we have made in transitioning Eco Innovation Group into a fundamentally different operating platform through the WRA merger and supports our focus on disciplined growth, governance, and shareholder alignment. We remain focused on improving our capitalization and executing against a clearly defined strategy.”
Cornel Alvarado, President and Chief Executive Officer of WRA Holdings, Inc., added, “The Harbinger analysis underscores the significance of the platform we are building in Costa Rica. Our national infrastructure initiatives are designed for scale, durability, and long-term economic and environmental impact, and we believe this coverage provides the market with an informed perspective on that vision.”
ECOX is engaging Rockport Investment Partners to perform an independent valuation of assets acquired in the WRA share exchange. The valuation will be recorded under ASC 805 and is required for the Company to complete a PCAOB audit for fiscal year 2025. Upon completion, ECOX intends to reinstate its SEC reporting status, which it voluntarily withdrew from in 2023.
The full Harbinger Research coverage report is available here:
View Harbinger Research Report here
To learn more about WRA’s national infrastructure initiatives, investors may also review the Costa Rica Visioning Presentation and the Company’s updated WRA fact sheet, each of which can be viewed at the following links:
