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 \n PM&E, Inc. Retires Substantial Number of Shares; Reduces Authorized By 47.06% and Issued & Outstanding By 68.26%\n \n \nPM&E, Inc. Retires Substantial Number of Shares; Reduces Authorized By 47.06% and Issued & Outstanding By 68.26%\n \n CHEYENNE, WY--(Marketwired - Jan 17, 2017) - Aircraft manufacturer PM&E, Inc. (OTC PINK: PMEA) announced today that the company is reducing the number of outstanding shares significantly via retirement count by 68.26% and that the company is also reducing the authorized share count by 47.06%.\n CEO Joseph Bourne stated, \"We are building a business and brands of integrity that our employees and shareholders can be proud of for years to come. In our on-going effort to build trust and credibility with the investment community, we are announcing today a significant restructuring of our authorized and outstanding shares.\"\n PM&E, Inc. is an aircraft company with a contracted manufacturing facility located in Sousse, Tunisia. The company is in the process of implementing a modern manufacturing plant in Tunisia and securing a facility for aircraft assembly in Wyoming. The company manufactures their signature line of EVADA Aircraft. Through a strategic partnership, DiNelly EXOGYRO also manufactures their commercial ultra-light gyrocopters at the same facility in Tunisia creating synergies and cost savings for both companies through a shared resources and revenues agreement.\n Mr. Bourne stated, \"Once all filings are complete, the authorized share count will be 9 billion shares, the outstanding number of shares will be 5.115 billion shares and the free trading float will be 1.575 billion shares.\"\n Mr. Bourne also stated, \"We felt strongly that this issue needed to be addressed early on in the process allowing us the opportunity to begin building our business without unnecessary distractions. Our conservative 2017 projections are 25 million in revenue and 7 million EBITDA. With 33 EVADA Aircraft pre-sold and with the eXoGyro ultra-light units already approved and available for purchase, we are ramping up our operations and will be expanding beyond our already existing work force of 35 employees. Now that the favourable adjustments are being made with regard to the share structure, we can focus solely on creating a strong and successful company.\"\n Mr. Bourne finishe...