The reinvention of several penny stock companies and the potential entry of one of them into the medical marijuana business are factors boosting their share values.
Medican Enterprises Inc. (OTCQB: MDCN) share price gained 121% on Jan. 24, closing at $1.99 a share, up $1.09 cents from previous day’s close of 90 cents.
The penny stock’s sudden upward mobility appeared to be triggered by the Las Vegas development-stage company’s Jan. 21, 2014 Form 8-K/A filing with the SEC in which it announced that it is making an effort to get into the medical marijuana business.
"Medican (Delta) Systems Inc. ("Medican Delta") entered into a management services agreement (the "Management Services Agreement") with IHL Medical Marijuana Inc. ("IHL") and LFG Advisory Ltd. and LFG Advisory & Accounting Ltd. ("LFG"),” the filing stated.
The filing went on to explain that Medican and its new partner company hope to distribute its medical marijuana products in Canada. Medical Enterprise is just the latest penny-stock with high hopes of entering this potentially lucrative market.
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Change in business focus
Voltaire Corp. (OTCQB: VLTCW) stock price gained 0.979 cents Jan. 24 , closing at 99 cents, up 0.979 cents from 0.011 cents the previous day, on stock volume of 1,984, which is nearly twice its three-month average volume of 1,139.
Since there is a dearth of public information about the New York-based provider of mobile data services, there is no known reason for the sudden uptick in Voltaire’s share price.
But according to its most recent SEC 10-K filing, the company has recently shifted its market focus from selling mobile-data services from consumers to companies.
"We increased the focus on our mobile media business and the services provided to advertisers and markets and expect that future growth will come from these activities," the company said in its filing.
Some speculate that this shift in market focus is the reason behind the stock’s sudden surge.
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Another reinvention
Less than two weeks after Rangemore Film Productions Corp. announced the changing of its name to Cre8tive Works, Inc. (OTCPINK:RANFD), it has issued another release outlining its objectives for 2014:
- Maintain current Information Filer Status with OTC Markets.
- Become fully reporting by obtaining a listing on the Canadian Securities Exchange.
- Co-list common shares for trading on a European stock exchange.
- Complete a minimum of $2 million in funding.
- Appoint media advisory board.
- Strengthen management team.
- Launch new website and social media campaign.
- Close royalty financing agreements with a minimum of ten small to medium budget independent film productions.
- Close royalty financing agreement with upcoming reality television series.
- Close royalty financing agreement with a least one large budget independent film production.
- Close royalty financing agreements with a minimum of two music related projects.
- Acquire a minimum of two studio properties.
- Prospect for potential acquisition targets.
"Today we consider Cre8tive to be a new company,” CEO of Cre8tive Works, Andrew McLaughlin," said in a written statement. "We have a new name, new logo, new stock structure, and we now can start funding and developing all the projects we have in our pipeline. This is a new start and we are going to ensure that we take full advantage." McLaughlin added.
It remains to be seen if the goals set out by this revamped penny stock will be met.
Investors in the penny stock reacted favorably to the news. On Jan. 24, the Miami-based company that rents space to independent film companies stock closed at 14 cents a share, up 10 cents from its close of 4 cents the previous day.
Find out what could be the best investor’s move when it comes to RANFD by getting the complete report here, or by cutting and pasting the following link in your Web browser:
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No news is good news
Another penny stock that had a substantial increase in its stock value on Jan 24 was Harbor Bankshares Corp. (OTCQB: HRBK)
While only 250 shares changing hands, the Baltimore, Md.-based Harbor Bankshares’ stock value increased 116.22% closing at $4 a share, up $2.15 from $1.85 the previous day.
The company has issued no press releases or made any recent federal filings. The reason for the sudden stock rise is currently unknown.
Find out what could be the best investor’s move when it comes to HRBK by getting the complete report here, or by cutting and pasting the following link in your Web browser:
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