1PM Industries Inc (OTCMKTS:OPMZ) shares were up 12.00% to $0.00280 and unchanged in after-hours trading. The company has a market cap of $551,680 at 165.50 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.38.
1PM Industries Inc is formerly known as Torrent Energy Corp. It is focused on the sale and distribution of medical marijuana under the brand Von Baron Farms, selling various products, including Cookie Spread, Peanut Butter, CBD Cookie Spread, CBD Mango Shot, THC Shot, Combo Shot, and Pancake and Waffle Batter. The Company distributes its Von Baron Farms product at www.vonbaronfarms.com and sells its products in approximately 40 dispensaries.
It is also in the process of selling its Von Baron Farms product line in non-medical marijuana product line through Amazon and eBay. It is also engaged in the development of a CBD product line. The company developed a line health and wellness products under the NewGenica brand. The company developed four products under this brand, including AquaTrim, DreamTrim, Eat & Trim and D-Tox 15. The company purchases the products from a third-party manufacturer who private labels health and wellness products.
“For years the management team of 1PM Industries Inc has done one thing in particular very successfully and that’s helping private companies achieve publicly traded status. There is significant revenue generated from the process of taking a company public with multiple revenue streams being generated from each account. Had we remained on our former business trajectory, it would have taken all year or more to generate the revenue that we recently generated from just one client. Instead of continuing our efforts as a private endeavor, we have decided to roll all of our activities related to helping private companies achieve publicly traded status into 1PM Industries Inc and that will become our primary focus for the long term,” said CEO Joseph Wades.
“I want our shareholders to know that this is an extremely positive move for the company. Collectively, we have over 18 years of experience helping companies to go public. Per our recent 8K, we generated $1.3M on just one client contract. We are reasonably confident in our ability to generate a minimum of $4M in revenue this year and that number could be as high as $6M or greater depending on a few things we currently have in the works. There are eight separate clients that we are working with now and all are at various stages of the process,” he continued.
He also assured that under no circumstances will they initiate a reverse split for any reason in the foreseeable future. He did say that it was more likely that a reduction in the authorized shares would occur at this point, clarifying that they have 244,948,828 shares outstanding with 137,246,677 shares in the float.