DALLAS, GA--(Marketwired - January 25, 2017) - Bemax Inc. (OTCBB: BMXC), a growing global distributor of Disposable Baby Diapers, is pleased to announce today its CEO, Taiwo Aimasiko, has voluntarily retired 150,000,000 Common Shares of the Company's Stock for 50,000,000 Series "B" preferred shares effectively reducing the total issued and outstanding common shares by 33.21%.
Every three shares of common stock retired is exchanged for one share of the Series "B" preferred stock.
"By retiring 150 million common shares we instantly create additional value to the shareholders & health of the company. The return of these shares demonstrates management's desire to maintain a capital structure that supports growth without resorting to the increasing of our authorized shares. This is an integral part of Bemax Inc.'s long term corporate strategy," said Taiwo Aimasiko, CEO of Bemax Inc.
"At Bemax, we continue to commit to growth-oriented approach to enhance shareholders value and confidence as we execute plans that would support projected sales targets," stated Bemax CEO, Taiwo Aimasiko.
This press release is in reference to the 8K document filed with the SEC on January 24, 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.