Pennexx Update to Shareholders Regarding the Company's Strategy, Upcoming Financials
November 12 2020 - 12:27PM
InvestorsHub NewsWire
Pennexx Update to Shareholders
Regarding the Company’s Strategy, Upcoming Financials and Proposed
Changes to the Company’s Board and Guidance for Questions, News and
Updates About the Company
Philadelphia, PA -- November 12,
2020 -- InvestorsHub NewsWire
-- Pennexx has released more details
about Pennexx’s increasing revenue and
products.
Pennexx is building a strong
foundation for its company and part of that is building a
strong board of directors. Vincent Risalvato is proposing two
candidates who have agreed to take a board seat if elected; they
are Joseph Caruso and Phillip
Welch.
Joseph Caruso https://evestigate.com/joseph-caruso has
a long history of startup business success and is a recognized
industry leader in the fields of cyber security, computer forensics
and eDiscovery. He has been featured as a technology expert
regarding high profile cases on CNN Headline News, CBS Evening News
with Katie Couric, FOX Business’s Varney and
Company.
Phillip Welch is a Certified
Microsoft Systems Expert, was director of IT for a national
broadcast television network and has for nearly 20 years provided
managed IT services for hundreds of customers as President and CEO
of https://welchandcompany.net. His
background in both technology and the operational aspects of many
multi-million dollar businesses makes him well suited to help guide
Pennexx to success.
Both gentlemen have worked closely
with Vincent Risalvato over many years and are excited to possibly
join the board, bringing great value to
$PNNX.
Any nominations for board members
can be emailed to info@pennexx.net for review. Pennexx is
considering adding two other new candidates to the board
for a total of five board
directors.
Vincent Risalvato said, “By
growing a strong board of directors with exciting
candidates we take the next step in the evolution of Pennexx. They
can guide the company to success as well as open many
doors.”
Pennexx will be uploading to
OTC Markets a formal business plan which include the
overall going forward strategy of the company and revenue
estimates for the first time. The company will also be
outlining its strategy for becoming fully
audited.
Vincent Risalvato said, “Becoming an
audited company was a goal that I had early on, one that slipped
from our sights as development progressed and as the COVID pandemic
set in.”
Vincent continued, “Transparency and
responsibility to the shareholders is a key tenet that I have for
my conduct and the conduct of the company. I wish to guide the
company to achieve the goal of having an audited status. It is an
important step to getting the company to a fully reporting SEC
status and is one of the important steps to up listing the
company.”
Pennexx is
proposing to change its name by removing the word
“Foods” from the name and possibly adding “Technologies”. The
naming process change will require approval from the appropriate
regulators.
This name change is in accordance
with the fact that Pennexx is currently hosting multiple technology
projects.
The company has been having great
success with its ongoing
development partnership projects.
They had previously announced
the development of the Cyber Security Dashboard (CSD) https://www.globenewswire.com/news-release/2020/06/11/2047010/0/en/Pennexx-Partners-With-Global-Digital-Forensics-to-Create-a-Cloud-Based-Forensic-Dashboard.html. The
CSD will begin collecting subscription revenue in
the fourth quarter and that
profit is shared between Pennexx and Global Digital
Forensics https://www.evestigate.com.
Progress on the development
partnership with https://zicixgroup.com was also
announced recently by Zicix https://finance.yahoo.com/news/zicix-launches-website-smartphone-app-140000861.html.
Vincent Risalvato had said
previously, “By partnering on these development projects, we have
started to deliver on my desire to grow the business organically
(from money collected from our products and services) instead of
relying solely on investment dollars. I believe best businesses
grow through revenue since they become a commercial success as they
develop instead of having to figure out the commercialism of their
product after a large investment. This strategy can decrease
potential dilution to the shareholders and increases shareholder
value.”
The company is going to be reporting
its third quarter financials shortly. Pennexx’s financials will
still show a small income due to the fact that the focus has been
on product development and its services revenue was only in its
infancy.
Vincent Risalvato has indicated that
the fourth quarter financials will start to show revenue
generated through its development partnerships. Since Pennexx has
just recently launched its new dashboard which opens up a
number of revenue generating e-commerce offerings, a small amount
of that revenue will also begin in the fourth
quarter.
Vincent said, “Come this fourth
quarter and first quarter 2021, I believe we will begin to see real
quarter over quarter growth and the realization of my goal for the
organic growth of the
company.”
Additionally, the company is still
forging forward with its YSO debit card program. Vincent Risalvato
said, “I am sorry that this process has been so delayed; part of it
was the onset of Covid and another part of it was just not
really knowing all of the legal and technical challenges that had
been laid ahead. This is a program that I feel strongly
about and I remain confident that it will be a major part of the
YSO/YSI program. We have a graphic design for the card and
pending the approval of the card issuer we will release the mockup
publicly.”
Pennexx recognizes that these
updates will unlock a number of questions and comments and they
say, “We will do our best via social media to answer questions as
they are posted.” They advise that the best place to ask questions
is openly on twitter @pennexx. This way they can answer them openly
and publicly. They continue by saying, “We may not answer all
questions, but we make our best effort to answer all questions
posted
constructively.”
Questions may also be posted
at info@pennexx.net; many shareholders do get responses from
the CEO directly when questions are emailed in. Some of them
post those responses within the investor community.
It is also recommended that people follow Mr. Risalvato on Twitter
at https://twitter.com/vrisalvato as
he intends to start using this account for much more frequent
updates.
Vincent Risalvato said, “Pennexx is
at a pivotal point now in its growth where investment of money
and time can now start generating revenue. It is an exciting
time and I am thankful to everyone who has and continues to support
the company and our
success.”
About Pennexx Foods
Inc.
About Pennexx Foods Inc. (PNNX:
OTCMKTS US). Pennexx, through its wholly-owned subsidiaries, is
a holding company within the Software/Internet Industry focused on
social media, prepaid debit cards, BitGift™, artificial
intelligence, targeted marketing, and consumer
rewards.
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 https://yoursocialoffers.com or https://pennexx.net or call
866-928-6409. Please follow us on Twitter
@Pennexx.
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