LAS VEGAS, Dec. 28, 2020 /PRNewswire/ -- UMAX Group Corp. (Pink Sheets (Alternative Reporting Pink: UMAX) – UMAX would like to announce the planned engagement of a PCAOB Auditor to prepare audited financial statements for the Company and a subsequent application for listing on the OTCQB.
Mr. Fletcher (President and CEO of the Company), states…" We would like to announce that UMAX has begun the interview process with intent of signing an engagement letter with a PCAOB qualified auditor during the first several weeks of 2021 in an effort to complete audited financial statements for our last fiscal year ended March 31, 2020. UMAX is completing this significant corporate action with the intent to file for listing on the OTCQB with OTC Markets, Inc. We feel that this financial transparency will fit well with our planned growth through acquisitions in calendar year 2021. "
According to OTC Markets, Inc., the following items required for OTCQB eligibility (For U.S. Companies): (1) Must have audited financial statements prepared by a PCAOB auditor; (2) meet minimum bid price test of $0.01; (3) not be in bankruptcy; (4) have fifty beneficial shareholders, each owning at least 100 shares; (5) have a freely traded public float of at least 10% of the total issued and outstanding of that security; and (6) have a transfer agent that participates in the Transfer Agent Verified Share Program.
Mr. Fletcher (President and CEO of UMAX) further stated…"Upon the completion of the Audited Financial Statements, UMAX will be able to immediately make the application for listing on the OTCQB as we will meet all of the eligibility requirements set out by OTC Markets, Inc. The preparation of audited financial statements will also enable us to eventually move from our current Alternative Reporting Standard to the SEC Reporting Standard with OTC Markets, Inc. We feel this added transparency of being a fully reporting issuer with the Securities and Exchange Commission ("SEC") will be a benefit to the current and future shareholders of UMAX. As such, after the preparation of the audited financial statements, UMAX plans on filing a registration statement under the Securities Exchange Act of 1934, as amended, in an effort to register our class of common stock with the SEC which will move us to the SEC Reporting Standard. This current corporate action, along with the previously announced cancellation of 500,000,000 shares of common stock to treasury and lowering our authorized common stock from 1,850,000 to 500,000, will improve our efforts to grow UMAX through significant acquisitions. As stated in a previous press release, as we grow the future business of the Company, we want our public shareholders to understand that we have one goal in mind, to maximize shareholder value."
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.