ATLANTA, June 14, 2017 (GLOBE NEWSWIRE) -- Bemax Inc. (OTCBB:BMXC) announced today that it has fully prepaid the outstanding principal and accrued interest of $46,000.00 which was due under the 18% Convertible Promissory Note dated December 28, 2016 with a maturity date of December 28, 2017. We previously announced the prepayment of this note in our Current Report on Form 8-K /A dated June 13, 2017.
This prepayment now allows Bemax to avoid additional interest charges and future dilution from any conversion that may have occurred, and the Company's management continues to hold such actions as a top priority in order to maximize shareholders’ value by preventing the potential dilution of its common stock.
"We are pleased to prepay the outstanding principle and interest remaining on this convertible note," said Bemax's CEO, Taiwo Aimasiko." Additionally, Bemax is well positioned to invest in inventory expansion, marketing campaign and sales growth as we move into the first half of fiscal year 2017."
Bemax Inc. exports and distribute Disposable Baby Diapers from U.S. to emerging markets in Africa and Europe. We also export our private label brands from manufacturers in Asia and distribute to other growing markets. Bemax focuses on an extensive and far-reaching global network among wholesalers, large discounting retailers and supermarkets as well as entry into the ecommerce arena to reach households directly through subscription orders. We focus to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. Please visit the company website at www.bemaxin.com/webstore
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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