UMAX Group Corp. - Cancellation of 500,000,000 Shares of Common Stock

Rhea-AI Summary

UMAX Group Corp. (OTC PINK:UMAX) has successfully canceled 500 million shares of Common Stock, representing over 89% of its previously issued shares. The cancellation, initiated by the controlling shareholder, Red Mountain Labs, Inc., lowers the total outstanding shares to 65,472,274. This strategic move aims to adjust the market capitalization to reflect a more accurate range. UMAX is also planning to reduce its authorized stock from 1.85 billion to 500 million and announces upcoming business-related announcements concerning its media production operations.

Positive

• Successful cancellation of 500 million shares improves market capitalization.
• Current outstanding shares reduced to 65,472,274, enhancing shareholder value.
• Plans to reduce authorized stock from 1.85 billion to 500 million.
• Upcoming announcements regarding media production operations are expected.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / December 20, 2021 / UMAX Group Corp. (OTC PINK:UMAX), a Nevada corporation, would like to announce the final cancellation of 500,000,000 shares of Common Stock.

Mr. Fletcher (President and CEO of the Company), states…"We have been trying to process this cancellation for over a year. We finally were able to effectuate the cancellation of 500,000,000 shares of Common Stock. This cancellation was important to both the Company and its investors. It has adjusted our market capitalization to a more accurate range. This cancellation effectively removed over 89% of the current issued and outstanding Common Stock of the Company."

The current controlling shareholder of the Company, Red Mountain Labs, Inc. (a Wyoming Corporation), cancelled the 500,000,000 shares of Common Stock. Post cancellation, there are now 65,472,274 shares of Common Stock issued and outstanding. The Company is now working on finalizing an amendment to its articles of incorporation to lower the authorized Common Stock from 1,850,000,000 to 500,000,000. This corporate action will be filed with he Nevada Secretary of State within the next two weeks with a follow up notification to FINRA Corporate Actions sometime thereafter.

Mr. Fletcher further stated…"With this corporate restructuring out of the way, we are now fully focused on the business of the Company. We will have several business-related announcements over the next couple weeks regarding our media productions operations. There have been ongoing specials filmed at the Comedy Cube in Los Angeles California and our YouTube channel now has over thirty comedy specials for public view with another 160 in the can that will be added to the channel in the upcoming weeks. We will follow up shortly with a more detailed announcement of these operations along with some co-sponsored events with popular comedians."

About Us

UMAX Group Corp. is a Nevada corporation, is a public-quoted Pink Sheet issuer under the ticker symbol "UMAX". UMAX reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (E.g., "Pink Sheet Current").

Disclaimer Regarding Forward-Looking Statements

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.

Company Information:
UMAX Group Corp.
2020 Bay Avenue
Los Angeles, California 90021
Website: https://funnymediagroup.com/
Instagram: https://www.instagram.com/funnymediagroupofficial/?hl=en
YouTube: https://www.youtube.com/c/FunnyMediaGroup
Investor Relations: Jack Zietz
Email: investors@umaxgrpcorp.com

SOURCE: UMAX Group Corp.

View source version on accesswire.com:
https://www.accesswire.com/678443/UMAX-Group-Corp--Cancellation-of-500000000-Shares-of-Common-Stock

FAQ

What is the significance of UMAX's share cancellation?

The cancellation of 500 million shares is significant as it improves the company's market capitalization and reflects a more accurate value for investors.

How many shares are currently outstanding for UMAX?

Post-cancellation, UMAX currently has 65,472,274 shares of Common Stock outstanding.

What changes is UMAX making to its authorized shares?

UMAX plans to reduce its authorized Common Stock from 1.85 billion to 500 million.

When will UMAX announce further business-related updates?

UMAX has indicated that several business-related announcements regarding media productions will be made in the upcoming weeks.

What is the ticker symbol for UMAX Group Corp.?

The ticker symbol for UMAX Group Corp. is UMAX.