Mr. Fletcher (President and CEO of the Company), states…"We are pleased to announce the acquisition of Mazuma Transportation Company based in Las Vegas, Nevada. Mazuma Transportation will be the second fully owned and operational subsidiary of UMAX. Similar to the acquisition of Home Foam in November of 2020, we negotiated the acquisition through the use of our Series "B" Preferred Stock so that the current common stock shareholders would not experience any immediate dilution of their shares of Common Stock. Additionally, similar to the Home Foam acquisition, 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 three calendar years or Mazuma Transportation has four profitable consecutive quarters, whichever comes first. The purpose of this contractual rider is to insure that before the holders of the Series B Preferred Stock from this acquisition can convert to common stock, which will dilute ownership of the current shareholders of the Company, the subsidiary has added significantly to the top line revenue and is cash flow positive thus supporting the financial fundamentals of its parent company, UMAX."
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