CHEYENNE, WY--(Marketwired - Jan 17, 2017) - Aircraft manufacturer PM&E, Inc. (OTC PINK: PMEA) announced today that the company is reducing the number of outstanding shares significantly via retirement count by 68.26% and that the company is also reducing the authorized share count by 47.06%.
CEO Joseph Bourne stated, "We are building a business and brands of integrity that our employees and shareholders can be proud of for years to come. In our on-going effort to build trust and credibility with the investment community, we are announcing today a significant restructuring of our authorized and outstanding shares."
PM&E, Inc. is an aircraft company with a contracted manufacturing facility located in Sousse, Tunisia. The company is in the process of implementing a modern manufacturing plant in Tunisia and securing a facility for aircraft assembly in Wyoming. The company manufactures their signature line of EVADA Aircraft. Through a strategic partnership, DiNelly EXOGYRO also manufactures their commercial ultra-light gyrocopters at the same facility in Tunisia creating synergies and cost savings for both companies through a shared resources and revenues agreement.
Mr. Bourne stated, "Once all filings are complete, the authorized share count will be 9 billion shares, the outstanding number of shares will be 5.115 billion shares and the free trading float will be 1.575 billion shares."
Mr. Bourne also stated, "We felt strongly that this issue needed to be addressed early on in the process allowing us the opportunity to begin building our business without unnecessary distractions. Our conservative 2017 projections are 25 million in revenue and 7 million EBITDA. With 33 EVADA Aircraft pre-sold and with the eXoGyro ultra-light units already approved and available for purchase, we are ramping up our operations and will be expanding beyond our already existing work force of 35 employees. Now that the favourable adjustments are being made with regard to the share structure, we can focus solely on creating a strong and successful company."
Mr. Bourne finished up with, "Some have had questions about the financing of our operations. Here is my response. The initial funding has been in place for some time now that allowed us to put together the key components of what will ultimately become a transformative business in the aircraft industry. Additional funding will obviously be required over the intermediate and long term in order to support our growth, but we are confident in our ability to secure the appropriate funding as business trends dictate. For example, we have a 10 million dollar traditional funding package that we've been working on for a few weeks now and we will share more details on that agreement in the coming days. In the meantime, we just wanted to let our shareholders know that we have their best interests in mind and hopefully this share restructuring is further proof that we appreciate you being a part of what we are building; a company of integrity that will set the standard for quality and craftsmanship in the aircraft industry."
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. PM&E Inc. cautions readers not to place undue reliance upon any such forward looking statements, which speak only as of the date made. PM&E Inc. expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statement is based.