Umax Group Corp. (UMAX)

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News Release on Acquisition of Funny Media by UMAX. Read how this is structured.

Mr. Fletcher, further states…"We are pleased to announce the acquisition of Funny Media, which will become a majority-owned subsidiary of the Company. The Company negotiated the acquisition through the use of our Series "B" Preferred Stock. This assures that the current common stock shareholders would not experience any immediate dilution of their shares of Common Stock. Additionally, there is contractual rider which states that the Series B Preferred Stock to be issued as part of this acquisition cannot be converted to the Common Stock of the Company for a period of two calendar years or Funny Media has four profitable consecutive quarters, whichever comes first. The purpose of this contractual rider is to insure that the holders of the Series B Preferred Stock from this acquisition cannot convert to common stock, which will dilute ownership of the current shareholders of the Company, until the subsidiary has added significantly to the top line revenue and is cash flow positive."

Coverage began from OTC TIP REPORTER yesterday after the close, and again at approximately 7 a.m. today. Average daily volume Yahoo source is 24,952 yesterday was 25,528 with the coverage it will be interesting to see if their is an increase in volume and if so what happens to the share price. The 52 week high was back on Feb. 1st. It hit .60 cents on 917,900 shares the previous day it closed at .02050 on 41,600 shares. Closing price yesterday was 0.14.