Marketing Worldwide Corporation Provides Corporate Update

Rhea-AI Summary

Marketing Worldwide Corporation (OTC PINK:MWWC) announced significant corporate updates during a recent majority shareholder meeting. A new management team was elected, and the transfer agent changed to Issuer Direct, with all fees paid. The company plans to domesticate to Wyoming, dissolving its Delaware entity. A share structure audit led to the cancellation of 7.4 billion shares, reducing the authorized share count to 3.5 billion. CEO Jason Schlenk expressed optimism about achieving milestones and aims to regain pink current status with OTC Markets.

Positive

• Appointment of a new management team enhances corporate governance.
• Reduction of authorized shares from 10.9 billion to 3.5 billion promotes shareholder value.
• Change of transfer agent to Issuer Direct expected to positively impact operations.
• Plans for domestication to Wyoming could streamline regulatory compliance.

Negative

• None.

News Market Reaction – MWWC

-26.85%

1 alert

-26.85% News Effect

On the day this news was published, MWWC declined 26.85%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WILMINGTON, DE / ACCESSWIRE / July 7, 2021 / Marketing Worldwide Corporation, (OTC PINK:MWWC), 'the Company', is pleased to announce three major corporate updates to the shareholders.

Marketing Worldwide recently hosted a majority shareholder meeting where the new management and leadership team was elected. At the same time the official transfer agent was changed from 'Continental Stock Transfer' to ‘Issuer Direct.' The Company is pleased to report that all associated fees for this action have been paid in full and ‘Issuer Direct' has been working hard for the benefit of the Company.

Additionally, the Company approved moving the domestication of Marketing Worldwide to the State of Wyoming with the intentions of dissolving the Delaware entity. Future State filings, amendments, and documentation should appear in those respective States as they continue to be processed under the direction of corporate legal counsel.

Lastly, an internal audit and review of the share structure has taken place over the last week. The Company will be cancelling 7.4 billion shares from the authorized share count during the Wyoming relocation per the approved ‘Board Resolution MW07.06.2021'. The new authorized share total will be 3.5 billion shares of common stock, reduced from the former 10.9 billion shares.

Jason Schlenk, the newly appointed CEO of Marketing Worldwide said, "I am thrilled to see how far we have come in a short period of time, and that we are efficiently executing to achieve a number of short-term milestones." Mr. Schlenk continued, "I have already submitted my application to OTC Markets for subscription services over a week ago, and look forward to seeing any updates or requests for more information as they deem appropriate. Obviously, our goal of getting back to a pink current standing is of priority importance, and I thank everyone for their continued support."

Contact Information:

Twitter: @MWWCOfficial
Email: LetsConnect@marketingworldwide.co
Website: www.marketingworldwide.co

Forward-Looking Statements:

This press release contains forward-looking statements. The words 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect' and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE: Marketing Worldwide Corp.

View source version on accesswire.com:
https://www.accesswire.com/654467/Marketing-Worldwide-Corporation-Provides-Corporate-Update

FAQ

What are the recent updates from Marketing Worldwide Corporation (MWWC)?

Marketing Worldwide Corporation announced a new management team, a change in transfer agent to Issuer Direct, and plans to domesticate to Wyoming while canceling 7.4 billion shares.

How many shares is Marketing Worldwide Corporation canceling?

The company is canceling 7.4 billion shares, reducing its authorized share count to 3.5 billion.

What is the significance of the transfer to Issuer Direct for MWWC?

The transfer to Issuer Direct is expected to enhance operational efficiency and shareholder communication.

What actions is the new CEO of MWWC taking?

CEO Jason Schlenk is focused on achieving short-term milestones and has applied for subscription services with OTC Markets to regain pink current status.

Why is Marketing Worldwide Corporation moving to Wyoming?

The move to Wyoming aims to simplify regulatory processes and dissolve its Delaware entity.