UA Multimedia Inc (OTCMKTS:UAMM) shares are down 11.43% to $0.00620. Share prices have been trading in a 52-week range of $0.00 to $0.02. The company has a market cap of $425K at 60.75 million shares outstanding.
In a press release, UA Multimedia Inc updated investors on recent events, and managements developing strategy, in light of the company’s changing corporate landscape.
First, management reported advancement on the UA Multimedia Inc overall cannabis related endeavors. Plans are underway to launch an aggressive marketing strategy for the distribution and sales of the company’s products and services. Next, it shared that FINRA no longer approves name or ticker changes if the company has any delinquencies in its reporting so management has withdrawn its application with FINRA to change the company’s name and ticker symbol.
As it turned out, during certain periods between 1999 and 2007, there were some filings that had become delinquent, and despite efforts, and considerable dialog, current management is unable to obtain the missing records to complete the requested filings per FINRA’s new requirements.
However, management assured that the issue with the name and ticker change will not affect UA Multimedia Inc’s overall business. “Now that a conclusion is reached, we will make the necessary adjustments and begin to aggressively market and sell our products and services,” remarked Thu Pham, Chief Executive Officer.
The company is offering a turn-key indoor growing station complete with state-of-the-art LED lighting. In addition, the full spectrum LED lights, Cannaxa CX-300, are also available for purchase separately. A single light can output 210 Watts or an HID equivalent of 400 Watts and can cover a 3 x 3 area. Additional models will also be made available for purchase next quarter.
UA Multimedia Inc is a former media company that has entered the cannabis industry with its offering of turnkey indoor grow stations and LED lights. These products will be available through its upcoming newly revamped websites: cannaxa.com and cannamedi.com. Cannaxa.com will serve as an online store selling grow related products while Cannamedi.com will revolve around the medicinal and wellness sector.