Bemax Inc. Retires 600 Million Common Shares of Company Stock, Reduce Issued and Outstanding Shares

Rhea-AI Summary

Bemax Inc. (OTC Pink: BMXC), a private label development company focused on disposable diapers and women's hygienic products, has announced a significant reduction in its total issued and outstanding common shares. The company's CEO, Taiwo Aimasiko, has voluntarily retired 600,000,000 common shares in exchange for 24,000,000 Series 'B' preferred shares, resulting in a 55.01% decrease in outstanding common shares.

This share retirement is part of Bemax's strategy to create additional value for shareholders and maintain a capital structure that supports growth without increasing authorized shares. The company plans to implement further reductions in total shares outstanding during the current fiscal year. Bemax aims to enhance shareholder value and confidence while executing plans to support projected sales targets.

Positive

• Voluntary retirement of 600 million common shares by CEO
• 55.01% reduction in total issued and outstanding common shares
• Creation of additional shareholder value without increasing authorized shares
• Plans for further share reductions in the current fiscal year

Negative

• None.

• Total issued and outstanding reduced by 55.01%

Dallas, Georgia--(Newsfile Corp. - October 3, 2024) - Bemax Inc. (OTC Pink: BMXC), a private label development company with a focus on disposable diapers and women's hygienic sanitary products, is pleased to announce today its CEO, Taiwo Aimasiko, has voluntarily retired 600,000,000 million Common Shares of the Company's Stock for 24,000,000 Series "B" preferred shares effectively reducing the total issued and outstanding common shares by 55.01%.

This share retirement is the first as an additional reduction of the total shares outstanding will be effected during the current fiscal year.

"By retiring 600 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 increasing our authorized shares. This continues to be 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 a 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 form 4 document filed with the SEC on October 1, 2024.

About Bemax Inc.

About Bemax Inc. Bemax Inc. is a forward-thinking company dedicated to delivering top-quality disposable diapers and women's hygienic sanitary products. With a focus on innovation and customer satisfaction, Bemax continues to expand its product offerings and distribution network, aiming to exceed the expectations of its growing customer base. Bemax Inc. exports and distribute private label household products to the global emerging markets. 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.

CONTACT INFORMATION

Bemax Inc.
Dallas, GA
USA
Taiwo Aimasiko
Email: admin@bemaxinc.com
Tel: (470) 582 0807 ext. 101

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225404

FAQ

How many common shares did Bemax Inc. (BMXC) retire?

Bemax Inc. (BMXC) retired 600,000,000 common shares of company stock.

What was the percentage reduction in Bemax Inc.'s (BMXC) outstanding shares?

Bemax Inc. (BMXC) reduced its total issued and outstanding common shares by 55.01%.

Who voluntarily retired the shares of Bemax Inc. (BMXC)?

Taiwo Aimasiko, the CEO of Bemax Inc. (BMXC), voluntarily retired the 600 million common shares.

What did Bemax Inc. (BMXC) receive in exchange for the retired common shares?

Bemax Inc. (BMXC) received 24,000,000 Series 'B' preferred shares in exchange for the retired common shares.