PROMAX COMMUNICATIONS, INC.

2580 Anthem Village Drive, Suite B-1, Henderson, Nevada 89052

(Address of principal executive offices)

(702) 588-5965

(Issuer’s telephone number)

Yukon Territory, Canada	0-25820	87-0810718
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS Employer Identification No.)

FOR IMMEDIATE RELEASE:                                                                                       Leon J. Danna

For Further information:                                                                            SIPP Industries, Inc. (fka Promax Communications, Inc.)

(702)588-5965

PROMAX COMMUNICATIONS, INC. ANNOUNCES

SECOND QUARTER RESULTS

SIPP INDUSTRIES, INC.
(formerly PROMAX COMMUNICATIONS, INC.)
	For the Periods ended June 30, 2005 and 2004
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
			As of June 30	As of December 31
			2007	2006
ASSETS
	Current Assets:
	Cash	$	-	-
	Total Assets	$	-	-
LIABILITIES AND SHAREHOLDERS' EQUITY
	Current liabilities
	Notes payable - non-affiliated	$	4,500	4,500
	Accrued interest in notes payable		4,390	3,582
	Total current liablities		8,890	8,082
	Total liabilities		8,890	8,082
SHAREHOLDERS' EQUITY
	Preferred stock: $0.001 par value; 10,000,000 shares authorized; none issued or outstanding		-	-
	Common stock: $0.001 par value; 250,000,000 shares authorized:12,093,851 issued and outstanding as of June 30, 2005	$	4,709	1,209
	Paid in capital		9,193,010	9,161,510
	Cost of financing		(852,150)	(852,150)
	Accumulated deficit during the development stage		(8,352,622)	(8,316,814)
	Accumulated translation adjustment		(1,837)	(1,837)
	Total stockholders' equity		(8,890)	(8,082)
	Total Liabilities and Shareholders' Equity (Deficit)	$	-	-

SIPP INDUSTRIES, INC.
(formerly PROMAX COMMUNICATIONS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
		For the 6-months				For the 6-months
		ended				ended				Cumulative since inception
		June 30, 2007				June 30, 2006				July 23,1993
	Revenue	-		$		-				196,794
	Subscriber	-				-				55,443
	Equipment Sales	-				-				15,971
		-				-				234,704
	Other	-				-				-
	Total revenue	-				-				502,912
	Cost of revenue and operating expenses
	Professional service	35,000				4,500				39,500
	Technical operatiions	-				-				151,687
	Cost of sales	-				-				33,009
	Sales & marketing	-				-				347,674
	Administration	-				-				1,174,486
	Amortization	-				-				220,110
	Total cost of revenue and operating expenses	35,000				4,500				1,966,466
	Income (loss) before undernoted
	Write down of mortgages and loans	-				-				(93,555)
	Foreign exchange loss					-				(12,141)
	Interest on notes	1,697				1,159				(111,528)
	Non-controling interest					-				44,122
	Forgiveness of debts and cancellation of liabilities					-				3,910,238
	Loss on abandonment and disposal of assets and discontinued business					-				(10,642,290)
	Other					-				16,086
		1,697				1,159				(6,889,068)
	Net income (loss)	(36,697)				(5,659)				(8,352,622)
	Deferred Income Taxes	-				-
	Income Tax Benefit	-				-
	NET INCOME	(36,697)				(1,159)		$		(8,352,622)
	Net income (loss) per common share - basic and dilluted	(0.00)		$		(0.00)
	Weighted average common shares outstanding -	12,858,878				12,093,851

SIPP INDUSTRIES, INC.
(formerly PROMAX COMMUNICATIONS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
For the Years ended June 30, 2005 and 2004
			For the 6-months period ended		For the 12 months period ended				Cumulative since inception
			June 30, 2007		December 31, 2006				July 23,1993
	Cash flows from operating activiites:
	Net income (loss)	$	(36,697)	$	(2,562)		$		(8,315,411)
	Changes in operating assets and liabilities:
	Items not involving cash:								-
	Amortization								220,110
	Cummulative translation adjustment								(6,840)
	Non-controling interest								(47,222)
	Forgiveness of debt and cancellation of liabilities								(3,910,238)
	Loss on abandonment and disposal of assets and discontinued business								10,311,321
	Change in working capital		1,697		2,562				2,008,326
	Net cash used in operating activities		(35,000)		2,562				260,046
	Cash flows from financing activities:
	Issuance of shares, net of issue costs		35,000		-				7,466,710
	Redemption of shares				-				(477,999)
	Promissory notes				-				3,804,500
	Dividends				-				(105,815)
	Amounts receivable related to the issuance of shares				-				(38,030)
	Subscription received in advance of capital stocks				-				1,032,109
	Net cash provided by financing activities		-						11,681,475
	Cash flows from investment activities:
	Capital assets				-				(94,399)
	Investment in Argent Tel				-				(200,000)
	Investment in Skylink, net of cash				-				(8,487,082)
	Mortgages and loans receivalbe				-				297,018
	Increase in deferred development costs				-				(138,023)
	Acquisition of equipment, net of disposals				-				(115,727)
	Business acquisitioins net of cash acquired				-				(3,203,308)
	Net cash provided (or used) in investment activities		-		-				(11,941,521)
	Net change in cash				-				-
	Cash, beginning of period				-				-
	Cash, end of period	$		$	-		$		-
	Supplemental disclosure of cash flow information:
	Cash paid for interest	$	1.697	$	2,562
	Schedule of non-cash financing and investing activities:
	Issuance of common stock	$	-	$

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

	SIPP INDUSTRIES, INC. (fka Promax Communications, Inc.) (Registrant)
Date: February 7, 2008	By:	/s/ Leon J. Danna
		Leon J. Danna
		Chief Executive Officer

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CERTIFICATION

 

I, Leon J. Danna, certify that:

1.

I have reviewed this six month report on Form 6-K of SIPP Industries, Inc. (formerly Promax Communications, Inc.).;

2.

Based on my knowledge, this six month report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods covered by this six month report;

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Company and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an six month report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer's auditors of the small business issuer's board of directors (or persons performing the equivalent functions):

(a)                     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b)                     Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date:            February 7, 2008

by: s/Leon J. Danna

Chief Executive Officer

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For the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Leon J. Danna, the Chief Executive Officer of SIPP Industries, Inc. (formerly Promax Communications, Inc.) hereby certifies that, to his knowledge:

(i)                  the Six month Report on Form 6-Kof the Company for the period ended June 30, 2007 as filed with the Securities Exchange Commission on the date hereof (the “Report”) fully complies with the requirements Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

by: s/Leon J. Danna

Chief Executive Officer

February 7, 2008