$UMAX!!! Jan. 19, 2021 /PRNewswire/ -- UMAX Group Corp. (the "Company" or "UMAX" - Pink Sheets Alternative Reporting Pink: UMAX) – UMAX and its wholly-owned subsidiary, Home Foam Corporation, would like to provide a follow up on the current status of corporate governance announcements released over the past couple months.
Mr. Fletcher (President and CEO of the Company), states…"UMAX is committed to providing the public material business updates on a regular basis. These announcements will also provide updates on previously announced events that have not been fully completed. While we do have some material events to announce in the coming weeks and months related to revenue events for Home Foam along with potential acquisitions for UMAX, we felt this week we would provide this general update on items still outstanding. We feel that providing the public with regular information updates is the key to becoming a fully transparent issuer for our public shareholders."
Below is list of the still outstanding items we have announced which have not been completed along with the time frames for completion.
Cancellation of Common Stock – On November 2, 2020, UMAX announced the cancellation of 500,000,000 shares of its Common Stock thus lowering the amount of common stock issued and outstanding to less than 65,000,000 shares of Common Stock. This planned cancellation has been delayed due to the market value of the certificates being cancelled when attempting to get the required gold medallion signature guarantees through an appropriate banking institution. We are currently in discussions with our stock transfer agent in finding an appropriate resolution to allow this cancellation to get completed. UMAX anticipates this issue will be resolved in the next two to three weeks.
Lowering of Authorized Common Stock – On November 17, 2020, UMAX announced the plans to amend our articles of incorporation from 1,850,000,000 to 500,000,000 shares of Common Stock. As stated in the press release, this lowering of our authorized Common Stock would allow UMAX to trade under 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. UMAX will immediately effectuate this amendment to our articles of incorporation shortly after the cancellation of the Common Stock block discussed above is finally completed."
Engagement of a PCAOB Qualified Auditor – On December 28, 2020, UMAX announced the plan to engage a PCAOB qualified auditor, the subsequent completion of an audit of its financial statements, and an up listing to the OTCQB once completed. UMAX is currently set to receive several engagement letters in the next ten days at which such time, we will execute and engagement letter to move forward with the preparation of our audited financial statements. As such, once a PCAOB auditor is engaged in the next two weeks or less, that is will take between sixty (6) and Ninety (90) days to complete the FYE 2020 and 2019 audited financial statements and notes thereto at which such time the application to OTC Market Groups, Inc. will be completed for UMAX to move to the OTCQB.
Mr. Fletcher (President and CEO of UMAX) further stated…"We just wanted to provide this quick update on these announced corporate governance matters so that our public shareholders know we have not forgotten to follow through on these important matters which will most certainly effect the long-term stability of the public market for our Common Stock. We feel these corporate matters are as important to the long-term stability of the market for our common stock as moving forward with negotiations of items of revenue that will affect our future bottom line."
