PNNX Discloses a $34.9 Million NOL and Completes Your Social Offers Acquisition
October 16 2019 - 10:12AM
InvestorsHub NewsWire
PHILADELPHIA, PA -- October 16, 2019
-- InvestorsHub NewsWire -- Pennexx Acquires “Your Social
Offers” a software/internet company that utilizes artificial
intelligence and social media for targeted
marketing.
As set forth in our 8K which was filed on October
7, 2019, Pennexx Foods, Inc. (“PNNX” or “the company”) acquired
“Your Social Offers”. Vincent Risalvato, who created and sold a
company to Paul Allen, the co-founder of Microsoft and has shipped
products of his design internationally, is currently the Chief
Technology Officer of the company. “Your Social Offers” is a social
media smartphone application which enables users to obtain rewards
at participating establishments. In addition, the application
utilizes user data and artificial intelligence to allow its
customers, the retailers, to engage in targeted
marketing.
Pennexx is paid via “Your Social Offers” by
bringing customers to merchants. The program will commence in a
limited number of Subway and Sbarro locations. The company is
currently in the process of applying for its first patent on its
proprietary technology and will disclose more information regarding
the application once patent pending status is
achieved.
“We are confident that Your Social Offers will have
millions of consumers as well as clients that are well known and
established corporations,” said Vincent Risalvato. “And we
anticipate significant revenues will be generated from our users
and merchants.”
The company is actively pursuing another
acquisition in the pre-paid, branded credit/debit card space. In
addition, the company is 100% debt free and has no convertible
debentures, or 504s, and will not entertain any 3(a)10 exemptions,
or any other dilutive mechanisms that could hurt our shareholders,
as PNNX is fully funded and has no debt. Finally, we are in the
process of filing all tax returns and financial reports for the
company from 2003 through the present to preserve a Net Operating
Loss, in the amount of $34,900,000 for tax purposes. Pursuant to
IRS Publication 536, the Tax Cuts and Jobs Act permits a company to
carry forward a Net Operating Loss
indefinitely.
Further updates from PNNX will be
forthcoming.
About Pennexx Foods, Inc. (PNNX: OTCMKTS US):
Pennexx, through its wholly owned subsidiary Your Social Offers, is
a holding company within the Software/Internet Industry that is
focused on prepaid debit and credit cards and utilizing artificial
intelligence to gather information for targeted
marketing.
Safe Harbor Act: This release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report.
For additional information, visit our website
at www.Pennexx.net or call
866-928-6409. We are also on Twitter
@Pennexx.
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