$PNNX Discloses a $34.9 Million NOL and Completes Your Social Offers Acquisition
PHILADELPHIA, PA, Oct. 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Pennexx Acquires “Your Social Offers” a software/internet company that utilizes artificial intelligence and social media for targeted marketing.
As set forth in our 8K which was filed on October 7, 2019, Pennexx Foods, Inc. (“PNNX” or “the company”) acquired “Your Social Offers”. Vincent Risalvato, who created and sold a company to Paul Allen, the co-founder of Microsoft and has shipped products of his design internationally, is currently the Chief Technology Officer of the company. “Your Social Offers” is a social media smartphone application which enables users to obtain rewards at participating establishments. In addition, the application utilizes user data and artificial intelligence to allow its customers, the retailers, to engage in targeted marketing.
Pennexx is paid via “Your Social Offers” by bringing customers to merchants. The program will commence in a limited number of Subway and Sbarro locations. The company is currently in the process of applying for its first patent on its proprietary technology and will disclose more information regarding the application once patent pending status is achieved.
“We are confident that Your Social Offers will have millions of consumers as well as clients that are well known and established corporations,” said Vincent Risalvato. “And we anticipate significant revenues will be generated from our users and merchants.”
The company is actively pursuing another acquisition in the pre-paid, branded credit/debit card space. In addition, the company is 100% debt free and has no convertible debentures, or 504s, and will not entertain any 3(a)10 exemptions, or any other dilutive mechanisms that could hurt our shareholders, as PNNX is fully funded and has no debt. Finally, we are in the process of filing all tax returns and financial reports for the company from 2003 through the present to preserve a Net Operating Loss, in the amount of $34,900,000 for tax purposes. Pursuant to IRS Publication 536, the Tax Cuts and Jobs Act permits a company to carry forward a Net Operating Loss indefinitely.
Further updates from PNNX will be forthcoming.
About Pennexx Foods, Inc. (PNNX: OTCMKTS US): Pennexx, through its wholly owned subsidiary Your Social Offers, is a holding company within the Software/Internet Industry that is focused on prepaid debit and credit cards and utilizing artificial intelligence to gather information for targeted marketing.
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For additional information, visit our website at http://www.Pennexx.net
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