Fonon Corporation (Formerly Mabwe Minerals Inc.) Receives Clearance From FINRA Including Authorization for 10:1 Stock Split and Issued New Ticker Symbol: FNON
LAKE MARY, Fla., Sept. 04, 2015 (GLOBE NEWSWIRE) — Fonon Corporation (formerly Mabwe Minerals) (OTC:FNON) is pleased to announce the company has successfully completed its first step towards implementing the company’s “2015 Reorganization Plan” with final approval from FINRA. FINRA approval signifies Mabwe Minerals’ transition from the mineral/metal sector into the 3D laser metal printing system market that includes long-term recurring metal powder revenue streams.
- Adopted the new name – Fonon Corporation domiciled in Delaware
- Completed the 10:1 reverse stock split
- Issued new ticker symbol FNON
The company now moves into the next phase of its “2015 Reorganization Plan” implementing its business development structure based on a Value Chain approach. The company intends to aggressively conclude a number of mergers/acquisitions that both vertically and horizontally expand the company’s capabilities and revenue stream based on a multi-market approach. Elements of the plan include raw metal powder supply and management, critical components manufacturing, R&D with Engineering and Application Center, Additive and Subtractive Parts Manufacturing and Assembly, OEM – original Laser Based Equipment Manufacturing, Laser Equipment Financing and O&M (Ownership and Maintenance) of a selective manufacturing fleet for its own purposes with additional details to be released throughout the rest of this year.
“This should be exciting news for all 500 FNON shareholders, signaling corporate’s advancement into the revenue generating phase of the company’s development. With the new business model and 2015 Reorganization Plan, we expect to demonstrate consistent revenue moving forward,” said Company Vice President Jay Schlegel.
About Fonon Corporation
Fonon Corporation is the recognized leader of industrial-grade 3D Additive and Subtractive laser-based material processing systems. Our systems are used world-wide in the semiconductor, flat panel display, automotive, aerospace, industrial, defense, electronic and medical industries with a portfolio of intellectual property, knowhow & inventions placing our company in the unique position to offer both standard 3D material processing systems or our specialty of tooling 3D laser-based transforming systems designed around the unique applications of our customers.
To learn more about Fonon Corporation, visit http://www.fonon.us
For further details and our forward looking statement click here
CONTACT: CONTACT INFORMATION Rob Anthony Investor Relations 407-477-5618 x1010