LAS VEGAS, NV / ACCESSWIRE / January 5, 2022 / UMAX Group Corp. (OTC PINK:UMAX), a Nevada corporation, would like to announce that it has filed amended articles of incorporation with the State of Nevada, Secretary of State, lowering its authorized common stock from 1,850,000,000 shares of Common Stock to 500,000,000 shares of Common Stock.
Mr. Fletcher (President and CEO of the Company), states…"We started the process of changing our capital structure over a year ago. As announced last month, we were able to effectuate the cancellation of 500,000,000 shares of Common Stock lowering our issued and outstanding common stock by 89%. The filing of the amended articles of incorporation, lowering our authorized common stock, is the final step in this process. As promised, the Company will not increase the authorized Common Stock for a minimum of three fiscal years. With these actions in place, not only will our market capitalization be more in line with our financial performance, but investors can rely on the fact there will be no significant dilution of their holdings as we grow the Company."
The Company filed an amended articles of incorporation with the Nevada Secretary of State to lower the authorized Common Stock from 1,850,000,000 to 500,000,000, a lowering of over 300%. Additionally, the Company's Board of Directors has resolved to not increase the authorized Common Stock for a minimum of the next three fiscal years or April 30, 2025.
Mr. Fletcher further stated…"With this corporate restructuring out of the way, we are now fully focused on growing the business of the Company. Our sole subsidiary, Funny Media, Group, LLC, a Wyoming corporation, will have several material events to announce over the coming weeks and months. Additionally, the Company is also in final negotiations with regards to several material business acquisitions. Our focus in these acquisitions is to acquire cash flow positive operational subsidiaries or companies that show increased revenue potential in the short term. These acquisitions will not only diversify our business operations but will spread the risk of our financial performance over several revenue producing entities. It is really exciting time for the Company."
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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Company Information: UMAX Group Corp.
2020 Bay Avenue
Los Angeles, California 90021
Web: New website under construction
Investor Relations: Jack Zietz
SOURCE: UMAX Group Corp.