LOS ANGELES, Jan. 19, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Averox Inc. (OTC: AVRI) is changing its name to INNOVATION NATION INC, and has taken up the search for desirable high tech business combination partner or partners.
- Find one or more worthy and exciting partners that wish to go public
Profitable now or have a clear path to profitability
Exciting hi-tech products and services
A business that will contribute to making a better world by making life easier, more productive, and creating good jobs or more income for staff, clients and customers.
- Up-list to OTC-QB quickly, and QX or NASDAQ eventually
- Make our investors proud, happy and prosperous
Reasons for Name Change:
- To reduce confusion by disassociating ourselves from the private software developer that is still using the Averox name.
- To reflect our high-tech, healthy business goals
Many stock sites show very old numbers for Averox Inc (AVRI):
Asserting Shares Outstanding at 100,000,000 and Market cap around $8M
However, the true values are:
Shares: 250,000,000 and Market cap around $20M, a big difference
Thankfully, the correct values are stated on OTCMarkets.com.
Averox/ Innovation Nation Inc. history is explained in a September 27, 2021 legal opinion letter filed with OTC Markets Group. A summary is provided below:
Re: Innovation nation, Inc., a Nevada Corporation
On November 25, 1996 the Company was incorporated as Flickering Star Financial, Inc. Thereafter, the Company was in a developmental stage with limited business activities for several years. At its formation, the Company had 25,000,000 shares of authorized common stock with a par value of $0.001 per share.
On July 30, 1999, the Company filed with the Securities and Exchange Commission and became a public company.
On October 19, 2001, the par value of its common stock increased to $0.004 per share.
On October 30, 2006, The Company entered into a Share Exchange Agreement and issued 6,500,000 shares to Salman Mahmood and Pearl Consulting FZ-LLC, a Dubai, free zone company thus the Company acquired Pearl Dubai. As a result of the Exchange Agreement, Mahmood became, at that time, the majority shareholder of the Company, holding 65%.
While the Company worked toward closing the Exchange Agreement, it formed a wholly owned subsidiary named “Averox, Inc.”
On November 6, 2006, the Subsidiary merged into the Company, with Averox Inc. as the surviving Company.
As a result of the merger, the Company amended its Articles of Incorporation to change its name to Averox, Inc. The merger was completed on November 6, 2006.
The Company operated as an independent software provider, involved in developing software for industry specific solutions within the telecommunication industry.
In February of 2007, the Company began trading on the OTC Bulletin Board under the trading symbol “AVOX.”
On August 26, 2008, the Company announced a 10-to-1 stock split.
On January 5, 2010, the Company terminated its registration. OTC Marketplace labeled the Company “dark or defunct.”
On September 27, 2016, Barton Hollow, LLC a shareholder of the Company, filed its Application for Appointment as Custodian.
On November 2, 2016, the Company adopted Restated Bylaws and appointed Adam S. Tracy as the Company’s sole officer and director. On the same day, the Company issued 150,000,000 shares of its common stock to BH.
On June 6, 2017, BH sold its controlling interest, 150,000,000 shares of the Company’s common stock to Gold Team, Inc.
On May 20, 2020, the authorized shares were increased from 250,000,000 shares of common stock to 500,000,000 shares of common stock with a par value of $0.001 per share.
On August 3, 2021, the Company filed a Certificate of Amendment to the Articles of Incorporation amending Article IV to change its name to Innovation Nation Inc and to increase the number of authorized common shares to 1,000,000,000.
The Company’s transfer agent is Pacific Stock Transfer Company. As of September 24, 2021, 250,000,000 shares of common stock have been issued, of which 218,689,100 shares are restricted. The balance of the shares of common stock outstanding are unrestricted.
The Company’s legal counsel is Paesano, Akkashian Apkarian, PC.
Safe Harbor Act
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Investors may find additional information regarding Innovation Nation Inc/ Averox Inc. at the OTC Markets website at http://www.sec.gov, or the company’s website, https://www.otcmarkets.com
Innovation Nation Inc. (OTC: AVRI)
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