PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward
January 21 2021 - 9:23AM
InvestorsHub NewsWire
Philadelphia, PA -- January 21, 2021 -- InvestorsHub NewsWire --
Pennexx Foods Inc. (PNNX)
has selected and delivered its first financial data to a PCAQB
auditor, has issued shares to its management
staff, and discusses how having a sizable NOL
carryforward in the tens of millions can mean a significant
increase in shareholder value as well
as greater dividends as Pennexx enters a profitable
stage. Pennexx plans to complete the up
listing in the second quarter.
Upon approval of OTCQB status Pennexx would be a
far more exclusive investment as, according to
OTC Markets website, there are approximately 10,369 OTC Pink
stocks but only 953 OTCQB stocks.
Uplisting is in line with the company's ongoing
strategy to increase transparency to its shareholders, prepare the
company for rapid growth and increase shareholder value. Entering
the OTCQB middle tier will also distinguish the
company by creating considerable investor confidence as
its financials will be vigorously scrutinized.
This is because to become an OTCQB stock, the company
must meet much more stringent requirements such as having
an audit committee, certifying
those audits, having independent directors, and
certification of its management.
It was announced on October 16, 2019, that Pennexx
has an NOL that could be very valuable to the
company and future partners. According to VRC https://www.valuationresearch.com/services/tax-compliance-planning/nol-carry-forwards/ having
a net operating loss (NOL) carryforward is a valuable asset because
they can lower the company's taxable income. This
NOL stemmed from previous management's operations dating
back to before 2004. According to IRS Publication
536, an NOL can be carried forward indefinitely. Part of
this process is to consider this $34.9 million NOL carry forward so
that it can be fully disclosed to shareholders.
As PENNEXX enters a profitable stage, having this NOL
carryforward could reduce its tax obligation. Therefore,
shareholders would realize more
significant benefits from revenue, and the
company could pay a greater dividend.
Vincent Risalvato, CEO of Pennexx, said, "Becoming audited
and uplisting continues with the company's history of
following through with what we say we are going to do.
I couldn't be more thankful for the fortitude and
opportunity that our team and
shareholders have created!"
As the company's success has continued
and YSO's goals have been completed, PENNEXX has
issued shares to its management staff, including Vincent
Risalvato, Sunny Sweet, and Joe Candito. This issuance is in
accordance with the https://YourSocialOffers.com acquisition
agreement announced in 2019 and in line with
achieving the company's milestones. This
stock is restricted for one year, and they will
be under affiliate limitations as appropriate for
the company's executives.
For More Information
Pennexx will do their best to openly and publicly answer your
questions and concerns via social media on Twitter https://twitter.com/pennexx @pennexx, or
you may email investors@pennexx.net.
You may also follow them on Twitter; Joe Candito
(@jcandito) https://twitter.com/jcandito, Mr. Risalvato
(@vrisalvato) https://twitter.com/vrisalvato and Ms.
Sunny Sweet (@sunnysweettweet) https://twitter.com/sunnysweettweet.
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, you may also 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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