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LOS ANGELES, Calif./ACCESSWIRE/April 14, 2022/ UMAX Group Corp. (the “Company” or “UMAX” – Pink Sheets Alternative Reporting Pink: UMAX) – UMAX wishes to announce that it has now completed the full acquisition of Funny Media Group, LLC (“Funny Media Group”), a Limited of Wyoming, which is a Los Angeles-based talent agency and large-scale multimedia production company specializing in the development of comedy shows, music videos and albums.
Mr. Fletcher said&”Acquiring the balance of Funny Media Group’s stake was a smart move that we have been considering since the company originally acquired a majority stake. The library of comedy content that Funny Media Group continues to grow will only only increase in value as its operations move forward. Incidentally, this new transaction we have completed was completed exactly like the original transaction in May 2021 using the use of our Series “B” Preferred Shares so as not to immediately dilute our common stockholders. It also contains the same endorsement agreement which states that the Series B preferred stock to be issued may not be converted into common stock of the company for a period of two calendar years or that Funny Media Group has four consecutive profitable quarters, whichever comes first, to ensure that preferred stockholders Series B shares resulting from this acquisition cannot be converted into ordinary shares, which will dilute the nership of the Company’s current shareholders, until the subsidiary has significantly increased sales and cash flows. cash are positive for UMAX, which should allow for a stronger market capitalization. »
In May 2019, UMAX acquired operational control of Funny Media Group under a share exchange agreement under which it acquired 51.5% of its outstanding shares in exchange for 5,000,000 shares Series B Preferred Shares of the Company. On April 13, 2022, the Company acquired the remaining 48.5% of Funny Media Group for an additional 1,000,000 Series B Preferred Shares of the Company, making it a wholly owned subsidiary.
Mr. Fletcher (President and Chief Executive Officer of the Company), further states & “With the Company’s fiscal year-end approaching April 30, we have decided to aggressively pursue various acquisitions to contribute to the growth in our asset base and revenue on That said, we are currently entering into negotiations to purchase the land and building for our headquarters on Bay Avenue in Los Angeles, CA, which also houses our other subsidiary , Funny Media Studios, Inc. (“Funny Media Studios”). You may view the layout of facilities, equipment, and other amenities on Funny Media Group’s website. We expect the final purchase price to the Bay Avenue location will be between $2,000,000 and $3,000,000 Hopefully we will announce this purchase a few times in the next thirty to forty five days Our ultimate plan is to build a company that will have both a review and a solid income statement so that our market capitalization increases accordingly for the benefit of our co-shareholders.”
UMAX Group Corp. is a Nevada corporation, is a publicly traded Pink Sheet issuer under the symbol “UMAX”. UMAX reports as an alternative reporting issuer to OTC Markets Group, Inc. and is current in its required mandatory filings (eg, “Pink Sheet Current”). UMAX currently owns Funny Media Group, Inc. (wholly owned) and Funny Media Studios, LLC (controlled ownership).
Disclaimer Regarding Forward-Looking Statements
Certain statements we make may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding future strategic objectives, business prospects, expected cost savings, financial results (including including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand and price for our products, acquisitions and divestitures, anticipated litigation and development outcomes regulations or general economic conditions. Also, words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “projects”, “plans”, and future verbs or Conditional statements such as “will”, “may”, “could”, “should” and “would”, and any other statements that necessarily depend on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees and involve risks, uncertainties and assumptions. Although we make these statements based on assumptions that we believe are 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 place undue reliance on forward-looking statements.
UMAX Group Corp.
2020 Bay Avenue
Los Angeles, California 90021
Website (GMF): https://funnymediagroup.com/
Website (FMS): https://BroadcastWest.com/
Jarod Ohi: http://www.jarodohi.com
Investor Relations:Jack Zietz
E-mail: [email protected]
THE SOURCE: Umax Corp Group
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