Pennexx Update to Shareholders Regarding the Company’s Strategy, Upcoming Financials and Proposed Changes to the Company’s Board and Guidance for Questions, News and Updates About the Company - Seite 2
Pennexx is proposing to change its name by removing the word “Foods” from the name and possibly adding “Technologies”. The naming process change will require approval from the appropriate regulators.
This name change is in accordance with the fact that Pennexx is currently hosting multiple technology projects.
The company has been having great success with its ongoing development partnership projects.
They had previously announced the development of the Cyber Security Dashboard (CSD) https://www.globenewswire.com/news-release/2020/06/11/2047010/0/en/Pen .... The CSD will begin collecting subscription revenue in the fourth quarter and that profit is shared between Pennexx and Global Digital Forensics https://www.evestigate.com.
Progress on the development partnership with https://zicixgroup.com was also announced recently by Zicix https://finance.yahoo.com/news/zicix-launches-website-smartphone-app-1 ....
Vincent Risalvato had said previously, “By partnering on these development projects, we have started to deliver on my desire to grow the business organically (from money collected from our products and services) instead of relying solely on investment dollars. I believe best businesses grow through revenue since they become a commercial success as they develop instead of having to figure out the commercialism of their product after a large investment. This strategy can decrease potential dilution to the shareholders and increases shareholder value.”
The company is going to be reporting its third quarter financials shortly. Pennexx’s financials will still show a small income due to the fact that the focus has been on product development and its services revenue was only in its infancy.
Vincent Risalvato has indicated that the fourth quarter financials will start to show revenue generated through its development partnerships. Since Pennexx has just recently launched its new dashboard which opens up a number of revenue generating e-commerce offerings, a small amount of that revenue will also begin in the fourth quarter.
Vincent said, “Come this fourth quarter and first quarter 2021, I believe we will begin to see real quarter over quarter growth and the realization of my goal for the organic growth of the company.”