ACCESS Newswire
14 Jan 2022, 19:13 GMT+10
LAS VEGAS, NV / ACCESSWIRE / January 14, 2022 / UMAX Group Corp. (OTC PINK:UMAX), a Nevada corporation, has announced the acquisition of a California corporation, Funny Media Studios ('FMS'), a full-scale production studio with crew, equipment, and a shoot-ready soundstage in Los Angeles.
Rondell Fletcher (UMAX President and CEO) says that FMS will become a majority-owned subsidiary of the Company. Similar to the acquisition of Funny Media Group, LLC ('FMG') in May 2021, the Company negotiated the acquisition through the use of its Series 'B' Preferred Stock, Mr. Fletcher says.
'This assures that the current common stock shareholders would not experience any immediate dilution of their shares of Common Stock,' Mr. Fletcher says. 'Additionally, there is a contractual rider that states that the Series B Preferred Stock to be issued as part of this acquisition cannot be converted to the Common Stock of the Company for a period of two calendar years or FMS has four profitable consecutive quarters, whichever comes first.'
The purpose of this contractual rider is to ensure that the holders of the Series 'B' Preferred Stock from this acquisition cannot convert to common stock, which will dilute ownership of the current shareholders of the Company, until the subsidiary has added significantly to the top-line revenue and is cash-flow positive, Mr. Fletcher explains.
UMAX acquired FMS pursuant to an equity exchange agreement executed on Monday, January 11, 2022 (the 'Agreement'). Pursuant to this Agreement, the Company acquired 51% of all outstanding equity of Funny Media Studios (making it a majority owned subsidiary) in exchange for 1,500,000 shares of Series B, Preferred Stock of the Company.
'The acquisition of FMS goes hand-in-hand with our acquisition in May 2021 of Funny Media Group, LLC,' Mr. Fletcher says. 'Both operations work with each other on a myriad of projects. It was a natural acquisition for the Company as we move forward with our updated business plan.'
After these acquisitions, UMAX has now fully transitioned into comedy development as the vehicle to achieve a cash-flow positive operation and to provide the best return on shareholder's investment.
FMS is currently doing business under the dba Broadcast West. The facility is located at 5727 West Adams Blvd., Los Angeles, California 90016. FMS has a 2,600 sq.ft. soundstage, a full-scale gourmet kitchen set for television production, ample green screens, and a state-of-the-art media control room. The studio has current clients that include Fox, Bloomberg, and Comedy Central among others. It also is satellite-ready, and is frequently used for SMTs (Satellite Media Tours).
For more information on FMS, please visit: https://BroadcastWest.com/
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 (FMG): https://funnymediagroup.com/
Website (FMS): https://BroadcastWest.com/
Instagram: https://www.instagram.com/funnymediagroupofficial/?hl=en
YouTube:https://www.youtube.com/c/FunnyMediaGroup
Investor Relations: Jack Zietz
Email: [email protected]
SOURCE: UMAX Group Corp.
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
(Photo credit: David Butler II-Imagn Images) Ceddanne Rafaela hit a walk-off, two-run home run in the bottom of the ninth inning...
(Photo credit: David Butler II-Imagn Images) Boston Red Sox starting pitcher Hunter Dobbins exited Friday night's game against the...
(Photo credit: Brad Penner-Imagn Images) New York Yankees left-hander Carlos Rodon was named to the American League All-Star team...
(Photo credit: Geoff Burke-Imagn Images) Boston Legacy FC signed striker Aissata Traore to a three-year contract through the 2028...
(Photo credit: Patrick Breen/The Republic / USA TODAY NETWORK via Imagn Images) Two teams hoping to get back to the .500 mark before...