DALLAS, GA--(Marketwired - January 09, 2017) - Bemax Inc. (OTCBB: BMXC) is pleased to announced today that 92 percent ($276,178) of the Convertible Notes amount of $302,750 due between October 19, 2016 and December 9 2016, had converted principal and interest due under the Notes to 423,754,790 shares of Common Stock, as Bemax prepares to launch its two private label brands in the U.S. market through Amazon.com starting April 4, 2017.
"We are pleased to substantially reduce the outstanding principal and interest on the convertible notes and to further see it reduce to zero before end of the month," said Bemax's CEO, Taiwo Aimasiko. "This will strengthened our balance sheet, enables the company to seek viable financing to invest in inventory expansion, marketing infrastructure and sales growth as we continue our expansion campaign in 2017."
Launching on Amazon is part of the first phase for Bemax disposable diapers to penetrate the U.S. market. In further phases in 2017 the company plans to launch its private label brands to traditional U.S. retail outlets.
This press release is in reference to the 8K document filed with the SEC on January 5, 2017.
About Bemax Inc.
Bemax Inc. exports and distribute Disposable Baby Diapers from U.S. to emerging markets in Africa and Europe. We also export our private label brands from manufacturers in Asia and distribute to other growing markets. Bemax focuses on an extensive and far-reaching global network among wholesalers, large discounting retailers and supermarkets as well as entry into the ecommerce arena to reach households directly through subscription orders. We focus to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. Please visit the company website at www.bemaxinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.