Business
PM&E, Inc. Retires Substantial Number of Shares; Reduces Authorized By 47.06 % and Issued & Outstanding By 68.26 %
PM&E, Inc. Retires Substantial Number of Shares; Reduces Authorized By 47.06 % and Issued & Outstanding By 68.26 %.
About this update from Pm&e Inc
[{"type":"text","content":"\n \n 12.00\n \n\n\n Press Release\n\n\n\nPM&E, Inc.\nRetires Substantial Number of Shares; Reduces Authorized By 47.06 % and Issued\n& Outstanding By 68.26 %.\n\nWyoming/Sousse, January 17,\n2017 - Aircraft manufacturer\nPM&E, Inc. (OTC: PMEA) announced today that the company is reducing\nthe number of outstanding shares significantly via retirement count by 68.26%\nand that the company is also reducing the authorized share count by 47.06%.\n\nCEO Joseph Bourne stated,\n\"We are building a business and brands of integrity that our employees and\nshareholders can be proud of for years to come. \nIn our on-going effort to build trust and credibility with the\ninvestment community, we are announcing today a significant restructuring of\nour authorized and outstanding shares.”\n\nPM&E, Inc. is an\naircraft company with a contracted manufacturing facility located in Sousse,\nTunisia. The company is in the process\nof implementing a modern manufacturing plant in Tunisia and securing a facility\nfor aircraft assembly in Wyoming. The\ncompany manufactures their signature line of EVADA Aircraft. Through a strategic partnership, DiNelly\nEXOGYRO also manufactures their commercial ultra-light gyrocopters at the same\nfacility in Tunisia creating synergies and cost savings for both companies\nthrough a shared resources and revenues agreement.\n\nMr. Bourne stated,\n\"Once all filings are complete, the authorized share count will be 9\nbillion shares, the outstanding number of shares will be 5.115 billion shares\nand the free trading float will be 1.575 billion shares.”\n\nMr. Bourne also stated, “We\nfelt strongly that this issue needed to be addressed early on in the process\nallowing us the opportunity to begin building our business without unnecessary\ndistractions. Our conservative 2017\nprojections are 25 million in revenue and 7 million EBITDA. With 33 EVADA Aircraft pre-sold and with the eXoGyro\nultra-light units already approved and available for purchase, we are ramping\nup our operations and will be expanding beyond our already existing work force\nof 35 employees. Now that the favourable\nadjustments are being made with regard to the share structure, we can focus\nsolely on creating a strong and successful company.”\n\nMr. Bourne finished up\nwith, “Some have had qu...