Bemax, Inc. (OTC Pink: BMXC) operates, manages, and exports private label brands and disposable baby diapers. The global wholesale and exporting company saw shares jump 21.33%, through afternoon trading on Monday, January 9, 2017. Over the past three months, Bemax, Inc. has seen average daily volume of 9.4 million shares. However, volume of 36.54 million shares or dollar volume of $365,400, has already exchanged hands through afternoon trading on Monday.
Shares of Bemax, Inc. are rallying Monday, after the company announced that 92% of the company’s convertible bonds have been converted into common shares. The company had total convertible debt of $302,750 that was due between October 19, 2016 and December 9, 2016. However, $276,178 of the convertible debt (92%) have been converted into 423,754,790 common stock shares. Furthermore, the company plans to launch two more private label brands on Amazon.com, Inc. (NASDAQ: AMZN), which are slated to appear April 4, 2017. Here is the full press release detailing of the convertible debt and new brands updates:
Bemax, Inc. Press Release:
DALLAS, GA–(Marketwired – January 09, 2017) – Bemax, Inc. (BMXC) is pleased to announced today that 92 percent ($276,178) of the Convertible Notes amount of $302,750 due between October 19, 2016 and December 9 2016, had converted principal and interest due under the Notes to 423,754,790 shares of Common Stock, as Bemax prepares to launch its two private label brands in the U.S. market through Amazon.com starting April 4, 2017.
“We are pleased to substantially reduce the outstanding principal and interest on the convertible notes and to further see it reduce to zero before end of the month,” said Bemax’s CEO, Taiwo Aimasiko. “This will strengthened our balance sheet, enables the company to seek viable financing to invest in inventory expansion, marketing infrastructure and sales growth as we continue our expansion campaign in 2017.”
Launching on Amazon is part of the first phase for Bemax disposable diapers to penetrate the U.S. market. In further phases in 2017 the company plans to launch its private label brands to traditional U.S. retail outlets.
This press release is in reference to the 8K document filed with the SEC on January 5, 2017.
About Bemax, Inc.
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.bemaxinc.com.