NEW YORK, March 12, 2019 (GLOBE NEWSWIRE) -- SoOum Corp's (OTCMARKETS: SOUM), an international, physical commodities trading company, mission reduces the scarcity of goods and commodities across the globe. Management of SOUM would like to provide a general business update.
Recently, SoOum Corp announced a new company division, “Global Sales and Distribution.” The division’s objective seeks to aggressively expand operations into new lines of business in countries, such as Nigeria, and to manage existing business relationships better.
In the past year, the Company negotiated the sale of USDA beef to the Island of Malta in the Mediterranean Sea. After some delays and renegotiating, the Company proudly announced the first shipment totaling US$56,000 which left port via Maersk shipping, arriving in Marsaxlokk, Malta in the next 25 days. Shipping beef into Malta makes SoOum Corp the first to ship 100% USDA prime beef from the United States in over 35 years.
SoOum management said it continues to make advancements on SoOum.com, the company's web-based platform for international trade. The designed platform acts as an integral tool for the professional importer, exporter or international arbitrage trader; geared towards bringing International trade to the public in an easy to use format. The company's goal would allow even the inexperienced public worldwide to get involved in International physical commodities trade.
The Company remains determined to grow revenues not by subscription fees, but by actually boasting a success ratio in completed transactions among all its free memberships. Instead of taking a registration fee from members, SOUM intends to assist arbitrageurs and traders in increasing their success rate in the system. Revenues can then grow much more rapidly and sustainable.
SoOum.com uses cloud technology, capable of finding arbitrage based transactions of physical commodities through advanced data searching and scraping. The system’s design helps to take these transactions from origination to closing.
Furthermore, Management continues to pursue different avenues to enter the quickly rising cannabis markets by preparing the platform to facilitate the legal shipping of cannabis and cannabis-related products. Currently, about 35 countries allow the legal importation of cannabis-related products. International purchases of imported cannabis oils alone totaled US$2.7 billion in 2017.
The Company’s management also added they would begin filing financials in the coming weeks to remove the "STOP" sign on OTC Markets.
About SoOum Corp
SoOum Corp, a publicly held (OTCPINK: SOUM) International Physical Commodities Trading company, specializes in arbitrage based transactions of Physical Commodities, as well as offering a web-based International Trading Platform - www.sooum.com.
For more information regarding this press release, please contact SoOum Corp Investor relations - investors@sooum.com.
Cautionary Note Regarding Forward-Looking Statements: This press release regarding the Company’s business are not historical facts but “forward-looking statements” that involve some risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company’s annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Steve Messina
646-801-3772
investors@sooum.com