PR Newswire
LAS VEGAS, Nov. 17, 2020 /PRNewswire/ — UMAX Group Corp. (OTC Markets: UMAX), a Nevada corporation, has tasked its securities counsel with amending its articles of incorporation to lower its authorized Common Stock from 1,850,000,00 shares to 500,000,000 shares. This announcement comes on the heels of the planned cancellation of 500,000,000 issued and outstanding shares by the majority shareholder of the company.
Mr. Fletcher (President and CEO of the Company), states…”This amendment to our articles of incorporation, which will lower our authorized common stock from 1,850,000,000 to 500,000,000 shares, is part of our efforts to restructure the capitalization of the Company to benefit shareholders and to become attractive to future company acquisitions. These announced corporate actions are part of our efforts to make the Company more attractive to future acquisitions and install an anti-dilutive, pro-investor capital structure.”
The announced lowering of our authorized Common Stock will be completed as soon as the cancellation of the 500,000,000 shares of Common Stock is completed.
Mr. Fletcher further stated…”Once the authorized Common Stock is lowered, the Company has agreed to not effectuate an increase in the amount of stock authorized for a minimum period of three calendar years. Moving forward, the goal of management with the Common Stock cancellation and today’s announcement of a lowered authorized common stock, is to trade at a relatively normalized market capitalization with the market’s understanding that as we make our future acquisitions, the current shareholders will not suffer significant dilution of their holdings. As we grow the future business of the Company, we want our public shareholders to understand that we have one goal in mind, to maximize shareholder value.”
Disclaimer Regarding Forward Looking Statements
Certain statements that we make may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.
View original content:http://www.prnewswire.com/news-releases/umax-group-corp–lowering-of-authorized-common-stock-301174883.html
SOURCE UMAX Group Corp.
