LAS VEGAS, NV / ACCESSWIRE / May 19, 2021 / UMAX Group Corp. (the "Company" or "UMAX" - Pink Sheets Alternative Reporting: UMAX) - UMAX would like to announce the acquisition of a Funny Media Group, LLC ("Funny Media"), a Wyoming limited liability company, which is a Los Angeles based, talent agency and full-scale media production company that specializes in the development of comedy shows, music videos, and albums.
Rondell Fletcher (President and CEO of the Company) stated..."Funny Media was developed to produce comedy related content, in front of a live audiences, several times a month. These 30 to 90-minute specials will be for both up and coming artists, as well as established comedians. Funny Media's latest production is a music video. This video currently has more than 1,200,000 million views on YouTube. This is a good example of the valuable content that is currently being developed by Funny Media.
UMAX acquired Funny Media pursuant to an equity exchange agreement executed on Monday, May 16, 2021 (the "Agreement"). Pursuant to this Agreement, the Company acquired 51.5% of all outstanding equity of Funny Media (making it a majority owned subsidiary) in exchange for 5,000,000 shares of Series B, Preferred Stock of the Company.
Mr. Fletcher, further states…"We are pleased to announce the acquisition of Funny Media, which will become a majority-owned subsidiary of the Company. The Company negotiated the acquisition through the use of our Series "B" Preferred Stock. This assures that the current common stock shareholders would not experience any immediate dilution of their shares of Common Stock. Additionally, there is contractual rider which states that the Series B Preferred Stock to be issued as part of this acquisition cannot be converted to the Common Stock of the Company for a period of two calendar years or Funny Media has four profitable consecutive quarters, whichever comes first. The purpose of this contractual rider is to insure that the holders of the Series B Preferred Stock from this acquisition cannot convert to common stock, which will dilute ownership of the current shareholders of the Company, until the subsidiary has added significantly to the top line revenue and is cash flow positive."
Mr. Fletcher has an extensive producer and media background. He has owned his own production studio in Los Angeles for the past 10 years and has produced several miniseries.
The short-term goal is to produce content for streaming services. The long-term goal is to build a large enough media catalog that any of the same current streaming services would be interested in acquiring it.
Funny Media also has two, one hour comedy specials, four music videos and two comedy albums already produced. Moving forward, media content will be developed on a monthly basis from both the bi-monthly comedy specials as well as special productions which will developed by pairing new up and coming artists with seasoned stars.
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UMAX Group Corp. is a Nevada corporation, is a public quoted Current Pink Sheet issuer under the ticker symbol "UMAX".
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SOURCE: UMAX Group Corp.