LAS VEGAS, NV / ACCESSWIRE / December 20, 2021 / UMAX Group Corp. (OTC PINK:UMAX), a Nevada corporation, would like to announce the final cancellation of 500,000,000 shares of Common Stock.
Mr. Fletcher (President and CEO of the Company), states…"We have been trying to process this cancellation for over a year. We finally were able to effectuate the cancellation of 500,000,000 shares of Common Stock. This cancellation was important to both the Company and its investors. It has adjusted our market capitalization to a more accurate range. This cancellation effectively removed over 89% of the current issued and outstanding Common Stock of the Company."
The current controlling shareholder of the Company, Red Mountain Labs, Inc. (a Wyoming Corporation), cancelled the 500,000,000 shares of Common Stock. Post cancellation, there are now 65,472,274 shares of Common Stock issued and outstanding. The Company is now working on finalizing an amendment to its articles of incorporation to lower the authorized Common Stock from 1,850,000,000 to 500,000,000. This corporate action will be filed with he Nevada Secretary of State within the next two weeks with a follow up notification to FINRA Corporate Actions sometime thereafter.
Mr. Fletcher further stated…"With this corporate restructuring out of the way, we are now fully focused on the business of the Company. We will have several business-related announcements over the next couple weeks regarding our media productions operations. There have been ongoing specials filmed at the Comedy Cube in Los Angeles California and our YouTube channel now has over thirty comedy specials for public view with another 160 in the can that will be added to the channel in the upcoming weeks. We will follow up shortly with a more detailed announcement of these operations along with some co-sponsored events with popular comedians."
UMAX Group Corp. is a Nevada corporation, is a public-quoted Pink Sheet issuer under the ticker symbol "UMAX". UMAX reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (E.g., "Pink Sheet Current").
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UMAX Group Corp.
2020 Bay Avenue
Los Angeles, California 90021
Investor Relations: Jack Zietz
SOURCE: UMAX Group Corp.