LAS VEGAS, Nov. 2, 2020 /PRNewswire/ -- UMAX Group Corp. (OTC Markets: UMAX), a Nevada corporation, announces plans for the cancellation of 500,000,000 shares of issued and outstanding Common Stock.
Mr. Fletcher (President and CEO of the Company), states…"There are several material transactions being analyzed by the Company that will allow the Company to be better situated as it negotiates with potential acquisitions moving forward. The initial transaction, which has been approved by all interested parties, will be the cancellation of 500,000,000 shares of common stock owned by Red Mountain Labs, Inc. to treasury for eventual cancellation. This cancellation will lower the amount of Common Stock issued and outstanding to readjust the market capitalization of the Company."
The current controlling shareholder of the Company, Red Mountain Labs, Inc. (a Wyoming Corporation), has agreed to issue to Company's treasury, for official cancellation, 500,000,000 shares of Common Stock of the Company it currently holds. This approved transaction will take approximately thirty (30) days to consummate.
Mr. Fletcher further stated…"this is the first of several corporate restructuring transactions that are currently being contemplated by the Company. This cancellation will allow the Company's common stock to trade at a more reasonable market capitalization. It will lower the issued and outstanding common stock of from approximately 560,372,274 shares to 60,372,274 shares. This is an 89% reduction in the amount of issued and outstanding common stock of the Company. I believe this will make the Company more attractive for both potential acquisitions and for purchasers of our common stock in the public market."
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.
Company Information:
UMAX Group Corp.
4114 North Pecos Road, Suite 107
Las Vegas, NV 89115
Web: New web site under construction
SOURCE UMAX Group Corp.
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UMAX GROUP CORP. - Common Stock Cancellation - PRNewswire
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