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Philadelphia, PA, Jan. 21, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pennexx Foods Inc. (PNNX) has selected and delivered its first financial data to a PCAQB auditor, has issued shares to its management staff, and discusses how having a sizable NOL carryforward in the tens of millions can mean a significant increase in shareholder value as well as greater dividends as Pennexx enters a profitable stage. Pennexx plans to complete the up listing in the second quarter.
Upon approval of OTCQB status Pennexx would be a far more exclusive investment as, according to OTC Markets website, there are approximately 10,369 OTC Pink stocks but only 953 OTCQB stocks.
Uplisting is in line with the company's ongoing strategy to increase transparency to its shareholders, prepare the company for rapid growth and increase shareholder value. Entering the OTCQB middle tier will also distinguish the company by creating considerable investor confidence as its financials will be vigorously scrutinized.
This is because to become an OTCQB stock, the company must meet much more stringent requirements such as having an audit committee, certifying those audits, having independent directors, and certification of its management.
It was announced on October 16, 2019, that Pennexx has an NOL that could be very valuable to the company and future partners. According to VRC https://www.valuationresearch.com/services/tax-compliance-planning/nol-carry-forwards/ having a net operating loss (NOL) carryforward is a valuable asset because they can lower the company's taxable income. This NOL stemmed from previous management's operations dating back to before 2004. According to IRS Publication 536, an NOL can be carried forward indefinitely. Part of this process is to consider this $34.9 million NOL carry forward so that it can be fully disclosed to shareholders.
As PENNEXX enters a profitable stage, having this NOL carryforward could reduce its tax obligation. Therefore, shareholders would realize more significant benefits from revenue, and the company could pay a greater dividend.
Vincent Risalvato, CEO of Pennexx, said, "Becoming audited and uplisting continues with the company's history of following through with what we say we are going to do. I couldn't be more thankful for the fortitude and opportunity that our team and shareholders have created!"
As the company's success has continued and YSO's goals have been completed, PENNEXX has issued shares to its management staff, including Vincent Risalvato, Sunny Sweet, and Joe Candito. This issuance is in accordance with the https://YourSocialOffers.com acquisition agreement announced in 2019 and in line with achieving the company's milestones. This stock is restricted for one year, and they will be under affiliate limitations as appropriate for the company's executives.
For More Information
Pennexx will do their best to openly and publicly answer your questions and concerns via social media on Twitter https://twitter.com/pennexx @pennexx, or you may email email@example.com.
You may also follow them on Twitter; Joe Candito (@jcandito) https://twitter.com/jcandito, Mr. Risalvato (@vrisalvato) https://twitter.com/vrisalvato and Ms. Sunny Sweet (@sunnysweettweet) https://twitter.com/sunnysweettweet.
About Pennexx Foods Inc.
About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly-owned subsidiaries, is a holding company within the Software/Internet Industry focused on social media, prepaid debit cards, BitGift™, 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 pursuant 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.