{"id":418676,"date":"2021-01-21T09:02:40","date_gmt":"2021-01-21T14:02:40","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=418676"},"modified":"2021-01-21T09:02:40","modified_gmt":"2021-01-21T14:02:40","slug":"pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/","title":{"rendered":"PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff"},"content":{"rendered":"
\n

Philadelphia, PA, Jan. 21, 2021 (GLOBE NEWSWIRE) — via NewMediaWire\u00a0— Pennexx Foods Inc. (PNNX) has selected and delivered its first financial data to a PCAQB auditor,\u00a0has issued shares to its management staff,\u00a0and\u00a0discusses how\u00a0having a sizable NOL carryforward in the tens of millions can mean a significant increase in shareholder value as well as\u00a0greater\u00a0dividends as Pennexx enters a profitable stage.\u00a0Pennexx\u00a0plans\u00a0to complete the\u00a0up listing\u00a0in\u00a0the second quarter.<\/p>\n

Upon approval of OTCQB status Pennexx would be\u00a0a far\u00a0more exclusive investment\u00a0as, according\u00a0to OTC\u00a0Markets website, there are approximately 10,369 OTC Pink stocks but only 953 OTCQB stocks.\u00a0<\/p>\n

Uplisting\u00a0is in line with the\u00a0company’s\u00a0ongoing strategy to increase transparency to its shareholders, prepare the company for rapid growth and increase shareholder value. Entering the OTCQB middle tier\u00a0will\u00a0also\u00a0distinguish the company\u00a0by creating considerable investor confidence\u00a0as its financials will be vigorously scrutinized.\u00a0<\/p>\n

This is because to\u00a0become an OTCQB stock, the\u00a0company must meet\u00a0much more stringent requirements such as\u00a0having an\u00a0audit committee,\u00a0certifying those\u00a0audits,\u00a0having\u00a0independent directors, and certification\u00a0of its management.<\/p>\n

It was announced on October 16,\u00a02019,\u00a0that Pennexx has\u00a0an NOL\u00a0that could be very valuable to the company\u00a0and future partners. According to VRC\u00a0https:\/\/www.valuationresearch.com\/services\/tax-compliance-planning\/nol-carry-forwards\/<\/u><\/a>\u00a0having a net operating loss (NOL) carryforward is a valuable asset because they can lower the\u00a0company’s\u00a0taxable income.\u00a0This NOL stemmed from previous\u00a0management’s\u00a0operations dating back to before 2004.\u00a0According to\u00a0IRS Publication 536,\u00a0an NOL can be carried forward indefinitely.\u00a0Part of this process is to consider this $34.9 million NOL carry forward so that it can be fully disclosed to shareholders.\u00a0<\/p>\n

As PENNEXX enters a profitable stage,\u00a0having this NOL carryforward could reduce its tax obligation.\u00a0Therefore, shareholders would\u00a0realize\u00a0more significant\u00a0benefits\u00a0from revenue,\u00a0and\u00a0the company could\u00a0pay a greater dividend.\u00a0<\/p>\n

Vincent Risalvato, CEO of Pennexx, said,\u00a0“Becoming audited and uplisting continues with the\u00a0company’s\u00a0history of following through with what\u00a0we say we are going to do. I\u00a0couldn’t\u00a0be more thankful for the fortitude and opportunity that our team\u00a0and shareholders\u00a0have\u00a0created!”<\/p>\n

As the\u00a0company’s\u00a0success has continued and\u00a0YSO’s\u00a0goals have been completed,\u00a0PENNEXX has issued shares to its management staff,\u00a0including Vincent Risalvato, Sunny Sweet, and Joe Candito. This issuance is in accordance with the\u00a0https:\/\/YourSocialOffers.com<\/u><\/a>\u00a0acquisition agreement\u00a0announced in 2019\u00a0and in line\u00a0with achieving the\u00a0company’s\u00a0milestones.\u00a0\u00a0This stock\u00a0is restricted for one year,\u00a0and\u00a0they\u00a0will be under affiliate limitations as appropriate for the\u00a0company’s executives.\u00a0<\/p>\n

For More Information<\/p>\n

Pennexx will do their best to openly and publicly answer your questions and concerns via social media on Twitter\u00a0https:\/\/twitter.com\/pennexx<\/u><\/a>\u00a0@pennexx, or you may email\u00a0investors@pennexx.net.<\/p>\n

You may also follow them on Twitter; Joe Candito (@jcandito)\u00a0https:\/\/twitter.com\/jcandito<\/u><\/a>, Mr. Risalvato (@vrisalvato)\u00a0https:\/\/twitter.com\/vrisalvato<\/u><\/a>\u00a0and Ms. Sunny Sweet (@sunnysweettweet)\u00a0https:\/\/twitter.com\/sunnysweettweet<\/u><\/a>.<\/p>\n

About Pennexx Foods Inc.<\/p>\n

\u00a0About 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,\u00a0BitGift\u2122, artificial intelligence, targeted marketing, and consumer rewards.<\/p>\n

Safe Harbor Act: This release may contain\u00a0“forward-looking statements”\u00a0within 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.\u00a0“Forward-looking statements”\u00a0describe future expectations, plans, results, or strategies and are generally preceded by words such as\u00a0“may,” “future,”\u00a0“plan”\u00a0or\u00a0“planned,”\u00a0“will”\u00a0or\u00a0“should,”\u00a0“expected,” “anticipates,”\u00a0“draft,”\u00a0“eventually”\u00a0or\u00a0“projected.”\u00a0You 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\u00a0company’s\u00a0annual report.<\/p>\n

For additional information, you may also visit our website at\u00a0https:\/\/yoursocialoffers.com<\/u><\/a>\u00a0or\u00a0https:\/\/pennexx.net<\/u><\/a>\u00a0or call 866-928-6409. Please follow us on Twitter @Pennexx.<\/p>\n


\n
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<\/div>\n","protected":false},"excerpt":{"rendered":"

Philadelphia, PA, Jan. 21, 2021 (GLOBE NEWSWIRE) — via NewMediaWire\u00a0— Pennexx Foods Inc. (PNNX) has selected and delivered its first financial data to a PCAQB auditor,\u00a0has issued shares to its management staff,\u00a0and\u00a0discusses how\u00a0having a sizable NOL carryforward in the tens of millions can mean a significant increase in shareholder value as well as\u00a0greater\u00a0dividends as Pennexx enters a profitable stage.\u00a0Pennexx\u00a0plans\u00a0to complete the\u00a0up listing\u00a0in\u00a0the second quarter. Upon approval of OTCQB status Pennexx would be\u00a0a far\u00a0more exclusive investment\u00a0as, according\u00a0to OTC\u00a0Markets website, there are approximately 10,369 OTC Pink stocks but only 953 OTCQB stocks.\u00a0 Uplisting\u00a0is in line with the\u00a0company’s\u00a0ongoing strategy to increase transparency to its shareholders, prepare the company for rapid growth and increase shareholder value. Entering the OTCQB middle tier\u00a0will\u00a0also\u00a0distinguish the company\u00a0by creating … <\/p>\n

Continue reading “PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-418676","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Philadelphia, PA, Jan. 21, 2021 (GLOBE NEWSWIRE) — via NewMediaWire\u00a0— Pennexx Foods Inc. 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(PNNX) has selected and delivered its first financial data to a PCAQB auditor,\u00a0has issued shares to its management staff,\u00a0and\u00a0discusses how\u00a0having a sizable NOL carryforward in the tens of millions can mean a significant increase in shareholder value as well as\u00a0greater\u00a0dividends as Pennexx enters a profitable stage.\u00a0Pennexx\u00a0plans\u00a0to complete the\u00a0up listing\u00a0in\u00a0the second quarter. Upon approval of OTCQB status Pennexx would be\u00a0a far\u00a0more exclusive investment\u00a0as, according\u00a0to OTC\u00a0Markets website, there are approximately 10,369 OTC Pink stocks but only 953 OTCQB stocks.\u00a0 Uplisting\u00a0is in line with the\u00a0company’s\u00a0ongoing strategy to increase transparency to its shareholders, prepare the company for rapid growth and increase shareholder value. Entering the OTCQB middle tier\u00a0will\u00a0also\u00a0distinguish the company\u00a0by creating … Continue reading \"PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-21T14:02:40+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEzOTU1NSMzOTM5MzAwIzUwMDA2ODg2OQ==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff","datePublished":"2021-01-21T14:02:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/"},"wordCount":724,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEzOTU1NSMzOTM5MzAwIzUwMDA2ODg2OQ==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pennexx-prepares-for-uplisting-to-otcqb-discusses-the-value-of-its-34-9-million-nol-carryforward-and-announces-issuance-of-shares-to-its-management-staff\/","name":"PENNEXX Prepares for Uplisting to OTCQB, Discusses the Value of its $34.9 Million NOL Carryforward, and Announces Issuance of Shares to its Management Staff - 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