BEMG Plans to Become a Fully Reporting SEC Issuer, Uplist to the OTCQB and Reports September 30th, 2018 Nine Months Quarterly Revenues of $916,080
SUNRISE, Fla., Nov. 14, 2018 (GLOBE NEWSWIRE) -- Beta Music Group, Inc. (OTC Pink: BEMG) announced today that it engaged Salberg & Company, PA., an independent certified public accountant to audit BEMG’s financial statements for the years ending December 31st 2017 & 2018 in accordance with Securities and Exchange Commission (“SEC”) Generally Accepted Accounting Principles (“GAAP”) and Jonathan Leinwand, Esquire has been retained to prepare Form S-1 Registration Statement to be filed with the SEC. The objective is to become a fully reporting SEC Company subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934. This action is integral to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of qualified investors. The Company hopes to file Form S-1 during the 1st quarter of 2019.
BEMG is planning to up-list to the OTCQB. In order to qualify for listing, BEMG must; (1) have audited annual financials by a PCAOB auditor; (2) meet minimum bid price test of $0.01 per share; (3) not be in bankruptcy; (4) have at least 50 Beneficial Shareholders, each owning at least 100 shares; (5) meet certain corporate governance standards; and (6A) have a freely traded Public Float of at least 10% of the total issued and outstanding shares; or (6B) have a freely traded Public Float of at least 5% and $2 million in market value of public float.
The Company also reported revenues for the nine months ending September 30th, 2018 of $916,080 with a loss from operations of $68,685. The loss included $158,742 attributable to public company expenses. The Company’s operational subsidiary Get Credit Healthy, Inc. generated net income of $88,859. The financial statement can be viewed in its entirety at https://backend.otcmarkets.com/otcapi/company/financial-report/206343/content. “This past quarter we recruited and hired the most qualified and motivated team members available in order to embark upon a massive outreach campaign known as ‘Operation 2700.’ The team went through extensive sales, technical and marketing training, and successfully laid the foundation for substantial growth opportunities for GCH,” stated Elizabeth Karwowski, CEO of BEMG.
The OTCQB market contains a one penny ($0.01) bid price requirement “intended to remove companies that are most likely to be the subject of dilutive stock fraud schemes and promotions”. Each company verifies via an annual OTCQB Certification, signed by the company CEO or CFO, that their company information is current, including information about a company’s reporting status, company profile, information on management and boards, major shareholders, law firms, transfer agents, and IR / PR firms. Investor confidence improves when there is more information about a company’s ownership structure, professional advisors and service providers. This certification will be required for any security newly qualified to be publicly quoted by a broker-dealer under SEC Rule 15c2-11, or when a Pink traded company becomes a current SEC reporting company, beginning May 1, 2014. International Reporting companies are also allowed to upgrade from Pink to OTCQB if they publish their 12g3-2(b) compliant disclosure online and verify their company profile. There is an annual fee for the OTCQB market of $10,000 per year and a one-time $2,500 application fee.
About (“PCAOB”) Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.
About BEMG BEMG, through its operating subsidiary Get Credit Healthy, utilizes its proprietary processes, platform, and software to integrate with lenders to make it easier to recapture leads. Developed for and by those with extensive experience in the mortgage industry, Get Credit Healthy’s platform has already facilitated over $200 million in new loan opportunities for its partners. Get Credit Healthy has shown sustained growth over the past three years and shows no signs of slowing down. Get Credit Healthy is working to increase its network of partners and is looking forward to a very promising future. Please visit the company website at www.betamusicgroup.net; twitter at www.twitter.com/bemg12 and financial information can be found at www.otcmarkets.com/stock/BEMG/profile.
Safe Harbor Statement This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
For information, please contact: Elizabeth Karwowski, CEO Beta Music Group, Inc. t/b/k as MBO Holdings Corp.Get Credit Healthy, Inc. 8411 West Oakland Park Blvd. Suite 202 Sunrise, FL 33351 firstname.lastname@example.org (877)850-3444 Ex 7