LAS VEGAS, 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."
UMAX Group Corp. is a Nevada corporation, is a public quoted Pink Sheet issuer under the ticker symbol "UMAX". Currently, UMAX has one operational subsidiary, Home Foam Corporation (Nevada Corporation), which specializes in architectural foam (EPS) design products. This includes columns, caps, bases, medallions, railings, balconies, balustrades, shutters, window trims and sills, crown moldings and interior & exterior moldings. Additionally, they provide ornamental foam pop-outs such as window treatments for outside of new homes for stucco subcontractors and plaster companies. Additionally, Home Foam cuts foam for packaging inserts for shipping companies as well as geo-foam for highway and road development. The company also manufactures shutters for some of the largest regional home building companies for newly constructed residential homes. The company currently operates a 12,500 square foot warehouse located in Las Vegas, Nevada. The warehouse provides services for over 50 customer and currently has 13 full-time employees. Home Foam has plans to participate in the home building market in the Southwest Unites States during calendar year 2021. The company will eventually develop its own patented building system using EPS Foam products and a patented stucco-based coating. The coating insures higher R-values factors than traditional wood-built residences thus lower energy monthly cost. The company is also continually searching for companies that would expand the footprint in the home building industry for partnerships of acquisition.
Forward Looking Statement
Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts, and future or conditional verbs such as will, may, could, should, and would, as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission from time to time, including our most recent Annual Report and subsequent Flings, which are available on Otcmarkets.com. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events or otherwise.
SOURCE UMAX Group Corp.