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
Philadelphia, PA, Nov. 12, 2020 (GLOBE NEWSWIRE) -- via
NewMediaWire --Pennexx has released more details about Pennexx’s increasing revenue and products.
Pennexx is building a strong foundation for its company and part of that is building a strong board of directors. Vincent Risalvato is proposing two candidates who have agreed to take a board seat if elected; they are Joseph Caruso and Phillip Welch.
Joseph Caruso https://evestigate.com/joseph-caruso has a long history of startup business success and is a recognized industry leader in the fields of cyber security, computer forensics and eDiscovery. He has been featured as a technology expert regarding high profile cases on CNN Headline News, CBS Evening News with Katie Couric, FOX Business’s Varney and Company.
Phillip Welch is a Certified Microsoft Systems Expert, was director of IT for a national broadcast television network and has for nearly 20 years provided managed IT services for hundreds of customers as President and CEO of https://welchandcompany.net. His background in both technology and the operational aspects of many multi-million dollar businesses makes him well suited to help guide Pennexx to success.
Both gentlemen have worked closely with Vincent Risalvato over many years and are excited to possibly join the board, bringing great value to $PNNX.
Any nominations for board members can be emailed to firstname.lastname@example.org for review. Pennexx is considering adding two other new candidates to the board for a total of five board directors.
Vincent Risalvato said, “By growing a strong board of directors with exciting candidates we take the next step in the evolution of Pennexx. They can guide the company to success as well as open many doors.”
Pennexx will be uploading to OTC Markets a formal business plan which include the overall going forward strategy of the company and revenue estimates for the first time. The company will also be outlining its strategy for becoming fully audited.
Vincent Risalvato said, “Becoming an audited company was a goal that I had early on, one that slipped from our sights as development progressed and as the COVID pandemic set in.”
Vincent continued, “Transparency and responsibility to the shareholders is a key tenet that I have for my conduct and the conduct of the company. I wish to guide the company to achieve the goal of having an audited status. It is an important step to getting the company to a fully reporting SEC status and is one of the important steps to up listing the company.”
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.”
Additionally, the company is still forging forward with its YSO debit card program. Vincent Risalvato said, “I am sorry that this process has been so delayed; part of it was the onset of Covid and another part of it was just not really knowing all of the legal and technical challenges that had been laid ahead. This is a program that I feel strongly about and I remain confident that it will be a major part of the YSO/YSI program. We have a graphic design for the card and pending the approval of the card issuer we will release the mockup publicly.”
Pennexx recognizes that these updates will unlock a number of questions and comments and they say, “We will do our best via social media to answer questions as they are posted.” They advise that the best place to ask questions is openly on twitter @pennexx. This way they can answer them openly and publicly. They continue by saying, “We may not answer all questions, but we make our best effort to answer all questions posted constructively.”
Questions may also be posted at email@example.com; many shareholders do get responses from the CEO directly when questions are emailed in. Some of them post those responses within the investor community.
It is also recommended that people follow Mr. Risalvato on Twitter at https://twitter.com/vrisalvato as he intends to start using this account for much more frequent updates.
Vincent Risalvato said, “Pennexx is at a pivotal point now in its growth where investment of money and time can now start generating revenue. It is an exciting time and I am thankful to everyone who has and continues to support the company and our success.”
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.