PHILADELPHIA, PA / ACCESSWIRE / November 9, 2021 / Pennexx Foods (OTC PINK:PNNX) while in discussions with its attorneys has decided that its best course of action at this time is to file a 10-K and request to return to fully reporting status with the SEC. This does not modify the company's plans to up list to OTC QB and the company reports it will keep shareholders abreast of that progress.
These plans will continue in parallel so that the company can reach OTC:QB status and then become a fully reporting entity as soon as practicle.
The company feels that being fully reporting is in the best interest of the company its shareholders and directors. This would be a major milestone for the company.
Pennexx's goals have always been to provide its investors with the highest level of disclosure and reporting. They believe this level of transparency is what investors want, and what they deserve. The company states that it will work tirelessly to reach this goal.
Vincent Risalvato, CEO of Pennexx said, "Pennexx's Board of Directors wish to elevate the company's structure as much as its technology so that its shareholders have all of the benefits of the company being fully SEC reporting."
The company does instruct its shareholders to recognize that the process of becoming SEC reporting could take as long as a few months or more as it is possible that a comment process between the SEC and company could occur. This process is beneficial to the shareholders because it increase awareness and the transparency of the company.
Currently the company does not expect to increase its share structure or have any large dilutive events and the CEO indicates his continued desire to build a strong foundational and repeatable sales cycle with the company with a transition to growing through organic growth.
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About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly-owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, cryptocurrency, artificial intelligence, targeted marketing, and consumer rewards.
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made according to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
SOURCE: Pennexx Foods