SOURCE: Axiom Corp.

March 24, 2015 06:00 ET

Axiom Corp. Completes Expanded Common Share Retirement and Preferred Share Exchange

ST. CATHARINES, ON--(Marketwired - Mar 24, 2015) - Axiom Corp. (OTC PINK: AXMM) ("Axiom" or the "Company") is pleased to announce that the Company has completed agreements for the cancellation of 40,000,000 Common Shares of the Company in exchange for 2,000,000 Series A Preferred Shares and 2,000,000 Series B Preferred Shares.

Series A Preferred Shares are convertible into Common Shares at a ratio of 1:10, meaning each Preferred A Share can convert into ten (10) Common Shares of the Company. In addition, holders of each Series A Preferred Share shall have the right to one (1) vote for each Common Share into which such Series A Preferred Share could be converted.

Series B Preferred Shares are convertible into Common Shares at a ratio of 1:10, meaning each Preferred B Share can convert into ten (10) Common Shares of the Company. In addition, holders of each Series B Preferred Share shall have the right to twenty-five (25) votes for each Common Share into which such Series B Preferred Share could be converted.

"By expanding the Company's previously announced common shares reduction plan to 40,000,000 shares, we have decreased the total number of common shares outstanding by almost 40%, while simultaneously strengthening the Company's share structure with a multiple-voting preferred class," commented Tyler Pearson, CEO of Axiom Corp.

As a result of these transactions, there are a total of 66,147,975 Common Shares issued and outstanding, including 39,714,654 restricted Common Shares issued to shareholders of PaperNuts Corporation. In addition, there are 2,000,000 Series A Preferred Shares and 2,000,000 Series B Preferred Shares. All common and preferred shares held by Axiom Corp. and PaperNuts Corporation management, insiders, and control persons are further restricted from trading subsequent to SEC Rule 144.

About Axiom Corp.

Axiom Corp., operating through its majority owned subsidiary, PaperNuts Corporation, is a global focused developer and marketer of innovative and environmentally friendly packaging solutions. PaperNuts Corporation owns proprietary technology and intellectual property originally developed in Finland that provides an environmentally friendly alternative to traditional protective packaging options that are often very harmful to the environment. PaperNuts delivers a loose-fill packaging solution that competes directly with polystyrene foam plastic "peanut" fillers, bubble wrap, air pillows, crumpled paper, foam-in-place, and corn starch peanut products. 

PaperNuts are a cost-effective green alternative to competitive fillers, made from 100% recycled paper that was destined for landfill, and are both biodegradable and fully recyclable after use. PaperNuts also provide superior product protection, are clean and easy to handle, non-polluting, and low in particulates. The "PaperNuts Converter" machine used to create PaperNuts requires only 10 sq. ft. of floor space to operate and gives small, medium, and large scale businesses the capability to produce on-demand on-site packaging that reduces the shipping and storage costs associated with competitive products.

For additional information regarding Axiom Corp. and PaperNuts Corporation, visit www.axiompaper.com.

Disclaimer/Safe Harbor: This Axiom Corp. / PaperNuts Corporation news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company's contracts, the Company's ability to raise sufficient development and working capital, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.

Contact Information

  • Investor/Media Contact:

    Axiom Corp. / PaperNuts Corporation - Investor Relations
    Toll-Free: (888) 694-1999
    E-mail: Email Contact
    Website: www.axiompaper.com