JUPITER, Fla., January 26, 2022 (Newswire.com) - Today USA Performance Products, Inc. (OTC/BB:UPRM) announced intent to undergo a reorganization with plans to implement a "USA First" business model. This comes after Mason C. Turner (The incoming Chairman and President of USA Performance Products, Inc.) presented a plan on behalf of United States Capital Group, Inc. to get the company operational and revenue generating with limited cash infusion.
While these plans are still being finalized, Mr. Turner has begun assembling a new leadership team to implement and execute this plan. Mr. Turner currently is the Chairman and President of MCT Wireless, Corp., a company focused on public safety and governmental communication solutions and United States Capital Group, Inc., a company currently managing Mr. Turner's investments and financial strategies.
A board meeting was held by the last remaining member(s), and Mr. Turner was appointed acting President of the company until the next shareholder meeting, with operating amendments to the by-laws allowing for fewer board members and digital delivery of shareholder notices. Mr. Turner stated that the company will mail physical notices until a best effort was made to update shareholder digital delivery preferences with the company's transfer agent (United States Capital Group, Inc.).
United States Capital Group, Inc. has agreed to assist in the reorganization of the company and act as the company's transfer agent in exchange for non-controlling equity in the company.
This includes the adoption of a "USA First" business model. A business model that aims to manufacture and produce goods within the United States of America including software development. USA Performance Products, Inc. also maintains the potential option to manufacture hardware for MCT Wireless. With MCT Wireless having domestic hardware manufacturing requirements to maintain the security of their product and meet Department of Homeland Security requirements, there are mutual incentives for both companies.
Although the total capital expenditure required for this plan has not been disclosed at this time, United States Capital Group, Inc. estimates it to be between $3 and $5 million.
The company has since launched a new website: www.USAPerf.com and will be posting notices and updates for the shareholders and requesting shareholder input.
USA Performance Products, Inc.
Source: USA Performance Products, Inc.