LOS ANGELES, CA / ACCESSWIRE / April 14, 2022 / UMAX Group Corp. (the "Company" or "UMAX" - Pink Sheets Alternative Reporting Pink: UMAX) - UMAX would like to announce that it has now completed the full acquisition of Funny Media Group, LLC ("Funny Media Group"), a Wyoming limited liability company, which is a Los Angeles based, talent agency and full-scale media production company that specializes in the development of comedy shows and music videos and albums.
Mr. Fletcher stated…" Acquiring the balance of the ownership equity of Funny Media Group was a smart move we have been considering since the Company initially purchase controlling interest. The library of comedic content that Funny Media Group continues to develop will only increase in value as its operations moves forward. In passing, this new transaction we completed was completed exactly like the initial transaction in May 2021 by using the use of our Series "B" Preferred Stock to not immediately dilute our Common Stock stockholders. It also contains the same contractual rider which states that the Series B Preferred Stock to be issued cannot be converted to the Common Stock of the Company for a period of two calendar years or Funny Media Group has four profitable consecutive quarters, whichever comes first. The purpose of this contractual rider is to guarantee 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 to UMAX which should allow for a stronger market capitalization."
In May of 2019, UMAX acquired operating control of Funny Media Group pursuant to an equity exchange agreement whereby it acquired 51.5% its outstanding equity in exchange for 5,000,000 shares of Series B, Preferred Stock of the Company. On April 13, 2022, the Company acquired the remaining 48.5% of Funny Media Group for an additional 1,000,000 shares of Series B, Preferred Stock of the Company making it a wholly owned subsidiary.
Mr. Fletcher (President and CEO of the Company), further states…" With the fiscal year end approaching for the Company on April 30th, we have decided to aggressively pursue various acquisitions to assist in the growth of our asset base and top line revenue over the coming year. With that said, we are currently starting negotiations to purchase the land and building on our Bay Avenue corporate headquarters in Los Angeles, California, which also houses our other subsidiary, Funny Media Studios, Inc. ("Funny Media Studios"). You can see the facility layout, equipment, and other amenities at the website for Funny Media Group. We anticipate the final purchase price for the Bay Avenue location to be between $2,000,000 USD to $3,000,000 USD. Hopefully we will be announcing this purchase some time in the next thirty to forty-five days. Our ultimate plan is to build a Company will both a strong balance sheet and income statement so that our market capitalization will grow accordingly for the benefit of our fellow shareholders."
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"). UMAX currently owns Funny Media Group, Inc. (Wholly Owned) and Funny Media Studios, LLC (Control Owned).
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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
Jarod Ohi: http://www.jarodohi.com
Investor Relations: Jack Zietz
Email: investors@umaxgrpcorp.com
SOURCE: Umax Group Corp
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