CHEYENNE, WY--(Marketwired - Jan 25, 2017) - Aircraft manufacturer PM&E, Inc. (OTC PINK: PMEA) announced today that the company has stepped up the pace of completion of audited financials for a very specific reason.
CEO Joseph Bourne stated, "One of our intermediate term goals is to up-list to the OTCQB level. One of the requirements to up-list is to trade above a penny for thirty days. Another is the requirement to be fully reporting. We feel strongly that these two objectives are mutually compatible. With that in mind, we have begun an aggressive search for the right partner for expediting the completion of audited financials. We are currently in discussions with several companies and feel that a decision should be made in the coming weeks."
Mr. Bourne also stated, "Last week we announced that we are retiring over two thirds of all outstanding shares. To date we have pre-sold 33 EVADA Aircraft through exclusive and non-exclusive agency agreements. We have completed our partnership and shared revenue agreement with ultra-light gyrocopter manufacturer, DiNelly EXOGYRO. We are expanding our workforce above and beyond our already existing team of 35 full time employees. Late last week we secured a 10 million dollar funding package. The step of expediting audited financials is just the latest component of our growth and expansion plans and one that will help to ensure integrity throughout the process."
Mr. Bourne finished up with, "Some have had questions about the trading trends of our stock as of late and the true value of the company. Here is my response and for the most part, it comes down to exposure, financials and access. 1) We were originally putting out press releases via a service that did not have universal syndication. We have remedied that and all major press releases from this point forward will be sent out via a major news wire. 2) I will be sitting down soon for a Q&A session about our company and I will publish the transcript of that discussion on our corporate website so that all investors can gain further insight into our overall business strategy. 3) The expediting of audited financials will hopefully allow us to publish the results earlier than originally planned. 4) We have a DTC Chill that came with the ticker symbol itself. We thought that it would have been lifted by now, but just know that we are working daily to get that removed so that all interested investors may purchase our stock through all available channels."
He continued: "As far as the value of the company is concerned, I cannot comment on the current price per share other than to say that we feel strongly that our conservative target of 25 million in revenue and 7 million in EBITDA will be met this year. Now that we are retiring shares and reducing our outstanding share count to 5.115 billion shares with 1.575 billion shares in the float, we'll leave it up to the investment community and the markets to determine the value of our stock. We are confident that the company's true market value will be reflected soon enough. As always, we would like to thank our existing shareholders for their support to date."
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.
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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.