LAS VEGAS, NV / ACCESSWIRE / June 12, 2021 / UMAX Group Corp. (OTC PINK:UMAX), a Nevada corporation, would like to provide an update on the future direction of the Company and its primary business focus.
The Company now has three wholly-owned subsidiaries which are:
- Home Foam Corporation, a Nevada corporation, was acquired by the Company in November 2020 in exchange for 1,000,000 shares of Series 'B', Preferred Stock ('Home Foam');
- Mazuma Transportation Company, a Nevada corporation, was acquired by the Company in January 2021 in exchange for 1,000,000 shares of Series 'B', Preferred Stock ('Mazuma'); and
- Funny Media, LLC, a Nevada limited liability company, was acquired by the Company in May 2021 in exchange for 1,000,000 shares of Series 'B', Preferred Stock ('Funny Media').
Mr. Fletcher (President and CEO of the Company), states, 'We are currently operating three wholly-owned subsidiaries, all of which are currently in the growth stage of their business cycle. Each of the Company's subsidiaries will take significant capital moving forward to achieve cash flow positive operations on a regular basis. When we acquired Funny Media, it was announced that we intended to move towards media content development as the main business focus of the Company. After analysis of each subsidiary's capital requirements, and the limited resources we have available, we concluded that Funny Media would provide the best return on our shareholders investment. As such, in an effort to solidify the business focus and plan for the efficient capital use, we have made the decision to cancel the acquisitions of Home Foam and Mazuma.'
The board of directors of the Company officially approved the negotiated cancellation of the acquisition of Home Foam and Mazuma. As such, the 2,000,000 shares of Series 'B' Preferred Stock issued as part of these acquisitions will be tender back to the Company for cancellation to treasury. Upon close of the cancellation of these acquisitions, both Home Foam and Mazuma will no longer be subsidiaries of the Company. Additionally, each entity each has agreed to assume and retain any liabilities related to their individual operations to date. As such, approximately $1,264,248 USD in loan's payable, $30,284 in accounts payable and $59,211 in accrued liabilities will be removed from the balance sheet. These changes will take effect on the financial statements of the Company at quarter end, July 31, 2021.
Mr. Fletcher further stated, 'Funny Media has already produced 62 comedy specials (with the goal of 100,000 the end of September (each special being 30 minutes in duration) at its own state of the art facility. This facility was built with the development of live audience content in mind. We have invested approximately $200,000 USD in on site video and production equipment along with over $200,000 USD in full facility build out costs and approximately $500,000 producing the comedy specials. The investment in the facility has allowed us to keep out of pocket production costs down and produce each 30-minute comedy special for under $7,500 USD. As stated in a previous release when the Company acquired Funny Media, we are concentrating on producing our own original content with the intent of selling that content to one of the many streaming companies (i.e., Netflix, Hulu, or Disney+) and having our own streaming platforms on our web site and YouTube channels.
Mr. Fletcher has an extensive producer and media background. He has owned his own production studio in los Angeles for the past 10 years and has produced several miniseries. Additionally, Mr., Fletcher has worked with networks such as Fox, Food Network and CNN to produce shows shown on a nationwide scale. The short-term goal is to produce content for streaming services like Netflix and Amazon with the long-term goal being to build a large enough media catalog that any of the current streaming services would be interested in acquiring. Funny Media's social media sites are as follows:
Website: https://www.FunnyMediaGroup.com
Instagram: https://www.instagram.com/funnymediagroupofficial/?hl=en
YouTube: https://www.youtube.com/watch?v=bbv-T0DNjMM
The company plans on adding to their current production assets. The company is constantly finding the talent necessary to produce additional specials for future release. The production schedule for shooting new specials is currently booked through October.
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.
3774 West Cheyenne Avenue, Suite 130
Las Vegas, NV 89032
Web: New website under construction
Website: https://funnymediagroup.com/
Instagram: https://www.instagram.com/funnymediagroupofficial/?hl=en
Investor Relations:
Ted Campbell
Email: ted@umaxgrpcorp.com
SOURCE: UMAX Group Corp.
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