MIAMI, FL , Sept. 13, 2021 (GLOBE NEWSWIRE) —
OM Holdings International Inc. (OTC PINK:OMHI), an owner and operator of OneMart super merchandising stores and Builders Depot in the Caribbean, and the parent of its wholly owned subsidiary, Rydeum Caribbean, Inc., of British Virgin Islands, today announced it has submitted OTCQX application for U.S. Companies to OTC Markets and expects to be up-listed to the OTCQX Tier in the upcoming weeks.
OTCQX is a segment of the OTC marketplace reserved for publicly traded companies that have: (a) attained specific quantitative and qualitative financial standards; (b) passed management reviews; (c) issued timely information to the public; (d) remained current on required disclosures, and (e) consistently shared pertinent updates with investors.
OTCQX also requires an approved sponsor to provide professional guidance and assist the company in adhering to the strict disclosure requirements – Securities attorney Laura Anthony, the founding partner of Anthony L.G., PLLC, will be sponsoring OMHI.
Mark Vanterpool, CEO of OM Holdings International, Inc. stated, “We’ve been aggressively preparing for this application submission for months now, meeting all financial reporting obligations and completing the submission of all application documents required by OTC Markets. We expect our move to OTCQX to add confidence, value, and liquidity for our shareholders by enabling our stock to be quoted and traded by a much wider range of brokerages, particularly retail brokers.”
The stocks of approximately 10,000 companies are traded daily in the multi-tiered OTC Markets, but less than 10 percent of companies qualify to trade on the OTCQX Tier. Those companies are characterized by operational excellence and consistent reporting diligence. “OMHI is certainly qualified for that top tier, and we expect our application to be quickly approved,” added Mr. Mark Vanterpool.
After up listing Level II Market Data will be available on otcmarkets.com and distributed through multiple channels including Bloomberg and Thomas Reuters. The OTCQX market has the highest financial reporting standards and strong corporate governance and compliance requirements, and OM Holdings International, Inc. is compliant in all areas. The company is in the process of applying for depository trust clearance (DTC) eligibility, which essentially facilities electronic trading of securities by individual investors who use self-managed online brokerage accounts, as opposed to trading through full-service brokers.
Since completing its reverse merger in May 2021, OMHI has announced five new stores, all under construction, with planned openings by the end of this year. Additionally, OMHI announced its first business to business (B2B), Local On-Demand Technology (LODE-TECH) contract with JUTA, the largest taxicab company in Jamaica. Rydeum Caribbean, Inc. develops a platform to connect local, established businesses with consumers through an on-demand mobile app.
“This is an exciting time for OMHI,” added CEO Mark Vanterpool. “We merged into a public company and commenced construction on two new superstore locations, initiated the launch process of our on-demand mobile app, and now we’re up-listing to the OTCQX Markets. The uplisting is another step in our growth and gives us increased exposure in the financial community as we prepare for our anticipated up-listing to Nasdaq in the upcoming year. OMHI continues to move forward with its business plan to become one of the largest tech-based merchandising companies in the Caribbean”.
The company’s first store, One Mart, reported revenue for the year ended December 31, 2020, of $28 million dollars and $3.8 million in operating profits. Since its completion in 1986 the store has seen year over year growth, even during 2020 during the global Covid-19 pandemic.
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTC: OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company’s storefront, OneMart, is the second-largest grocery store in the BVI. OHMI’s delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamacia’s largest taxicab union, JUTA, to provide an Uber Eats delivery service model to Jamaican consumers. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information please visit https://omholdingsinc.com/.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.