Axiom Corp. to Retire 30,000,000 Common Shares and Issue New Class of Preferred Share
6:00 am ET March 19, 2015 (Market Wire) Print
Axiom Corp. (OTC PINK: AXMM) ("Axiom" or the "Company") is pleased to announce that its Board of Directors has approved an Agreement with Company President, Scott MacRae, that will result in the cancellation of 30,000,000 common shares of the Company in exchange for 3,000,000 newly issued multiple-voting preferred shares.
"By reducing the number of common shares outstanding and strengthening our share structure with a multiple-voting preferred class, we have improved our balance sheet and are now better positioned to take advantage of any potential opportunities or acquisitions that may present themselves," stated Tyler Pearson, CEO of Axiom Corp.
The Agreement is not subject to any terms or conditions and has been approved by the Board of Directors of the Company. The Company anticipates that the share cancellation and exchange will be finalized within a few days.
About Axiom Corp.
Axiom Corp., operating through its majority owned subsidiary, PaperNuts Corporation, is a global focused developer and marketer of innovative and environmentally friendly packaging solutions. PaperNuts Corporation owns proprietary technology and intellectual property originally developed in Finland that provides an environmentally friendly alternative to traditional protective packaging options that are often very harmful to the environment. PaperNuts delivers a loose-fill packaging solution that competes directly with polystyrene foam plastic "peanut" fillers, bubble wrap, air pillows, crumpled paper, foam-in-place, and corn starch peanut products.
PaperNuts are a cost-effective green alternative to competitive fillers, made from 100% recycled paper that was destined for landfill, and are both biodegradable and fully recyclable after use. PaperNuts also provide superior product protection, are clean and easy to handle, non-polluting, and low in particulates. The "PaperNuts Converter" machine used to create PaperNuts requires only 10 sq. ft. of floor space to operate and gives small, medium, and large scale businesses the capability to produce on-demand on-site packaging that reduces the shipping and storage costs associated with competitive products.
For additional information regarding Axiom Corp. and PaperNuts Corporation, visit www.axiompaper.com.
Disclaimer/Safe Harbor: This Axiom Corp. / PaperNuts Corporation news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company's contracts, the Company's ability to raise sufficient development and working capital, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.
