NextMart, Inc. - Shell Company Status Removal

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Mar 29, 2022, 01:19 ET

HOLYOKE, Mass., March 29, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that the "Shell Company" status from the Company's landing page with OTC Markets, Inc. ("OTC Markets") has been removed.

Pursuant to Rule 405 as promulgated under the Securities Act of 1933 and Exchange Act Rule 12b-2, a Shell Company is a company, other than an asset-backed issuer, with no or nominal operations and either 1) no or nominal assets; 2) assets consisting of cash and cash equivalents; or 3) assets consisting of any amount of cash and cash equivalents and nominal other assets. The removal of the Shell Company warning on the Company's landing page with OTC Markets will not however allow the Company to utilize the safe harbor of Rule 144 to remove restrictive resale legends on restricted equity.

William Bouyea (CEO of the Company), states…"We no longer met the definition of a Shell Company with OTC Markets upon completion of our initial acquisition in January 2022. As required by OTC Markets, we filed a supplemental filing last week stating we were no longer a Shell Company and followed that up with the filing of the acquisition agreements for Emco Oilfield Services, LLC (January 2022) and Defender Contracting, LLC (March 2022). Now that this step is completed, we are going to focus on getting a Form 15c2-11 filed so our stock qualifies for proprietary broker-dealer quotation. Again, this is another huge step in our corporate cleanup of the Company as we move forward to a becoming a more transparent issuer for investors."

A Form 15c2-11 approval will allow more market makers to quote the Company's stock which could lower the risk of wider bid/ask spreads, volatility, and price dislocations. Once the Form 15c2-11 is approved, brokers will be able to publish competing quotes and provide continuous market making.

Forward Looking Statement

Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.

ABOUT US

NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.

CONTACT:

98 Lower Westfield Road
Holyoke, MA 01140

Phone: (602) 499-6992

Company Web Site: https://nextmartcorporation.com/

Emco Oilfield Services, LLC Web Site: https://emcooilfield.com/

Twitter: @CorporationNxmr

Company Email: [email protected]

Contact: William Bouyea, CEO

SOURCE NextMart, Inc.