1PM Industries Inc (OTCMKTS:OPMZ) shares were up 12% on Wednesday to $0.00280 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.38. The company has a market cap of $551K at 165.50 million shares outstanding.
Formerly known as Torrent Energy Corp, 1PM Industries Inc is a company that is focused on the sale and distribution of medical marijuana under the brand Von Baron Farms. It sells various products, including Cookie Spread, Peanut Butter, CBD Cookie Spread, CBD Mango Shot, THC Shot, Combo Shot, and Pancake and Waffle Batter. The Company distributes its Von Baron Farms product at www.vonbaronfarms.com. The company sells its products in approximately 40 dispensaries.
1PM Industries Inc is also in the process of selling its Von Baron Farms product line in non-medical marijuana product line through Amazon and eBay. It is also engaged in the development of a CBD product line. The company developed a line health and wellness products under the NewGenica brand, under which it developed four products including AquaTrim, DreamTrim, Eat & Trim and D-Tox 15. The company purchases the products from a third-party manufacturer who private labels health and wellness products.
In a press release, 1PM Industries Inc announced that it has transitioned into a new business model in the best interest of the company and the shareholders.
For years the management team of 1pm Industries has done one thing in particular very successfully and that’s helping private companies achieve publicly traded status. There is significant revenue generated from the process of taking a company public with multiple revenue streams being generated from each account,” said CEO Joseph Wades. “Had we remained on our former business trajectory, it would have taken all year or more to generate the revenue that we recently generated from just one client. Instead of continuing our efforts as a private endeavor, we have decided to roll all of our activities related to helping private companies achieve publicly traded status into 1PM Industries Inc and that will become our primary focus for the long term.”
Wades went on to say that he wants shareholders to know that this is an extremely positive move for the company as they have 18 years of experience helping companies to go public and generated $1.3 million on just one client contract, based on their latest 8K filing. With that, he expressed confidence about reaching revenue of $4 million this year up to $6 million.
I would like to reassure everyone that under no circumstances will we initiate a reverse split for any reason in the foreseeable future. What would be more likely to occur at this point would be a reduction in the authorized shares and that is currently under consideration. Also, as of today, for clarification, we currently have 244,948,828 shares outstanding with 137,246,677 shares in the float. We look forward to providing more information on our current business activities in the next few weeks and as always, we thank you for your support,” he concluded.
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