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UA Multimedia, Inc. (OTCMKTS:UAMM) Releases Shareholder Update On Evolving Corporate Strategy

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UA Multimedia, Inc. (OTCMKTS:UAMM) updated shareholders on recent events and management’s development plan, in light of the firm’s changing corporate scenario. The management reported advancement on the firm’s overall cannabis linked endeavors. Plans are ongoing to release an aggressive marketing plan for the sales and distribution of the firm’s services and products.

The details

Due to recent modifications in regulation, FINRA no longer permits ticker or name changes if the firm has any wrongdoings in its reporting. Consequently, UA Multimedia management has taken back its application with FINRA to alter the firm’s name and ticker.

In the firm’s attempt to update the symbol and name to more closely align with its core business model, it was known that there were some submissions that had become delinquent in between 1999 and 2007, and despite considerable dialog and measures, current management is unable to get the missing records to close the requested submissions per FINRA’s new requirements.

Moving forward, UA Multimedia management has decided that the best course of plan is to revert to company and alternatively establish a new subsidiary unit under the brand “Cannaxa”, by which to perform its cannabis linked business. The firm intends to eventually spin this subsidiary off in the coming period as an independent publicly-traded fully reporting firm.

Thu Pham, the Chief Executive Officer of UA Multimedia, reported that concern with the name and symbol change will not impact their overall operation. Now that a decision is reached, they will do the required adjustments and commence to aggressively market and sell their services and products.

As previously reported, the firm is providing a turn-key indoor cultivation station complete with advanced LED lighting. Moreover, the full range LED lights named Cannaxa CX-300 are accessible for purchase separately. Additional models will be made available for sale next quarter.

In the last trading session, the stock price of declined 26% to close the day at $0.00370.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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