$PNNX Discloses a $34.9 Million NOL and Completes Your Social Offers Acquisition
PHILADELPHIA, PA, Oct. 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Pennexx Acquires “Your Social Offers” a software/internet company that utilizes artificial intelligence and social media for targeted marketing.
As set forth in our 8K which was filed on October 7, 2019, Pennexx Foods, Inc. (“PNNX” or “the company”) acquired “Your Social Offers”. Vincent Risalvato, who created and sold a company to Paul Allen, the co-founder of Microsoft and has shipped products of his design internationally, is currently the Chief Technology Officer of the company. “Your Social Offers” is a social media smartphone application which enables users to obtain rewards at participating establishments. In addition, the application utilizes user data and artificial intelligence to allow its customers, the retailers, to engage in targeted marketing.
Pennexx is paid via “Your Social Offers” by bringing customers to merchants. The program will commence in a limited number of Subway and Sbarro locations. The company is currently in the process of applying for its first patent on its proprietary technology and will disclose more information regarding the application once patent pending status is achieved.
“We are confident that Your Social Offers will have millions of consumers as well as clients that are well known and established corporations,” said Vincent Risalvato. “And we anticipate significant revenues will be generated from our users and merchants.”
The company is actively pursuing another acquisition in the pre-paid, branded credit/debit card space. In addition, the company is 100% debt free and has no convertible debentures, or 504s, and will not entertain any 3(a)10 exemptions, or any other dilutive mechanisms that could hurt our shareholders, as PNNX is fully funded and has no debt. Finally, we are in the process of filing all tax returns and financial reports for the company from 2003 through the present to preserve a Net Operating Loss, in the amount of $34,900,000 for tax purposes. Pursuant to IRS Publication 536, the Tax Cuts and Jobs Act permits a company to carry forward a Net Operating Loss indefinitely.
Further updates from PNNX will be forthcoming.
About Pennexx Foods, Inc. (PNNX: OTCMKTS US): Pennexx, through its wholly owned subsidiary Your Social Offers, is a holding company within the Software/Internet Industry that is focused on prepaid debit and credit cards and utilizing artificial intelligence to gather information for targeted marketing.
Safe Harbor Act: This release may contain "forward-looking statements" within 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. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You 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 company's annual report.
For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
PHILADELPHIA, PA, Oct. 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Pennexx Acquires “Your Social Offers” a software/internet company that utilizes artificial intelligence and social media for targeted marketing.
As set forth in our 8K which was filed on October 7, 2019, Pennexx Foods, Inc. (“PNNX” or “the company”) acquired “Your Social Offers”. Vincent Risalvato, who created and sold a company to Paul Allen, the co-founder of Microsoft and has shipped products of his design internationally, is currently the Chief Technology Officer of the company. “Your Social Offers” is a social media smartphone application which enables users to obtain rewards at participating establishments. In addition, the application utilizes user data and artificial intelligence to allow its customers, the retailers, to engage in targeted marketing.
Pennexx is paid via “Your Social Offers” by bringing customers to merchants. The program will commence in a limited number of Subway and Sbarro locations. The company is currently in the process of applying for its first patent on its proprietary technology and will disclose more information regarding the application once patent pending status is achieved.
“We are confident that Your Social Offers will have millions of consumers as well as clients that are well known and established corporations,” said Vincent Risalvato. “And we anticipate significant revenues will be generated from our users and merchants.”
The company is actively pursuing another acquisition in the pre-paid, branded credit/debit card space. In addition, the company is 100% debt free and has no convertible debentures, or 504s, and will not entertain any 3(a)10 exemptions, or any other dilutive mechanisms that could hurt our shareholders, as PNNX is fully funded and has no debt. Finally, we are in the process of filing all tax returns and financial reports for the company from 2003 through the present to preserve a Net Operating Loss, in the amount of $34,900,000 for tax purposes. Pursuant to IRS Publication 536, the Tax Cuts and Jobs Act permits a company to carry forward a Net Operating Loss indefinitely.
Further updates from PNNX will be forthcoming.
About Pennexx Foods, Inc. (PNNX: OTCMKTS US): Pennexx, through its wholly owned subsidiary Your Social Offers, is a holding company within the Software/Internet Industry that is focused on prepaid debit and credit cards and utilizing artificial intelligence to gather information for targeted marketing.
Safe Harbor Act: This release may contain "forward-looking statements" within 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. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You 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 company's annual report.
For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
