COREwafer Industries Inc.’s Stock Volume Soars amid Lawsuits and Hidden Debt


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PK:WAFR / PK:ITNS
04/01/2014 [ACCESSWIRE]

COREwafer Industries Inc.'s (OCTPINK: WAFR) share volume soared Mar. 31, with 92,841,276 shares changing hands, nearly double its three-month average volume of 47,097,800 shares.

There are no breaking news or company announcements that appear to be fueling the sudden stock-volume surge of the Hollywood, Fla-based company that makes software to test semi-conductors.  However, in its last press release of Feb. 27 COREwafer disclosed some disturbing news.

Here is an excerpt from the release:

Discovered $3.4-Million in Hidden Debt

"During the second half of the year the company was notified about a number of law suits and legal actions being taken against the previous President/CEO of its wholly owned subsidiary, Core Wafer Systems, resulting in joint legal actions against both COREwafer Industries and Core Wafer Systems, Inc. The company is taking every measure to defend itself against these and possible future incidents as a result of past and present actions of CWS' past president/CEO.

In addition to the law suits, the company discovered there is approximately $3.4 million in debt owed by its wholly owned subsidiary, CWS, which was hidden from and otherwise undisclosed to company officials and consultants during and after the merger. The company is working diligently to authenticate and/or dispute these liabilities which include approximately $322,000 owed to the IRS for unpaid payroll taxes and $3.1 million in defaulted short term promissory notes, accounts payable and judgments.

In October the company entered into a Debt Purchase Agreement and increased its authorized common and preferred stock to 775M shares in order to eliminate a portion the company's overall debt."

Since this release there has been no update on the lawsuits or the indebtedness.

On Mar. 31, WAFR's share price closed at share price closed at 0.012 cents, down 0.002 cents, or 14.29% from its closing price of 0.0014 cents the previous day.

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Green Cures Inc. To Change Name and Ticker Symbol after Acquiring Triton

In other news, Green Cures Inc. announced Mar. 29 that following the closing of its acquisition for controlling interest in Triton, it will change its name and ticker symbol.

The California-based medical marijuana company said it would also the cancel approximately 300 million common shares owned by Green Cures Inc. and being acquiring assets (including intellectual property and products) into the company.

Reason for Name Change

Green Cures believes a new name and trading symbol for the company will help the market to identify its business focus following the restructuring and reorganization. The name of the company is to be legally changed to "Green Cures and Botanical Distribution, Inc."

Triton and Green Cures also announced that Triton plans to acquire certain assets, including rights to domain names, certain trademarks with pending registrations and intellectual property, and certain existing products, which will be used in Triton's business. 

The assets to be acquired include AllBotanical.com, AllCannabis.com, FutureMarijuana.com, CBDoil.us, and CBDcolorado.com, as well as exclusive licensing rights to all Green Magic and Green Cures products from Green Cures Inc., in order to enable the Company to move quickly with business operations following the restructuring plan completion. Management believes that acquiring these assets will enable the Company to begin commercial operations and implement its business plan, while offering initial products, allowing the Company to move forward more quickly in this fast-paced industry.

Additionally, Triton's management anticipates that the website Allbotanical.com will initially feature a total of 10 products, ready-to-ship, from the Green Magic line, along with additional products from other distributors. The Company intends to offer Green Magic Products to the public with an active Liability, and Packagers Protection Policy; therefore, the launching of Allbotanical.com is rescheduled for an expected date of April 14, 2014.

The company is also providing an update on the previously announced distribution of the shares of common stock of another publicly traded company, Privileged World Travel Club Inc., to stockholders of the company. Management is working to determine the best time and methods to make such a distribution, while balancing factors involved, including the costs and time required for undertaking such a distribution transaction, the performance of Privileged World Travel Club in the market and more.

On Mar. 31, TTD's share price closed at 0.026 cents, up 0.0046 cents from its closing price of 0.0214 cents the previous day on volume of 89,567,825 shares.

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Itonis Inc. Signs Licensing Agreement with MyECheck Inc.

Meanwhile, Itonis Inc. (OTCPINK: ITNS)  signed a licensing agreement with MyECheck Inc. on Mar. 27 to acquire a software license for MyECheck's patented mobile payment app that will enable consumers to pay for medical marijuana, gambling and general retail sales.

The license agreement calls for Laguna Hills-based Technology company to pay a one-time licensing fee to MyECheck as well as a portion of the per-transaction fees collected at the point of sale.

"This venture should be a win-win for the shareholders of both companies. Our management team believes that a robust marketing of the license should retire the licensing fee financing in a relatively short business cycle," says Itonis' CEO Mark Cheung.

On Mar. 31, ITNS' share price closed at 0.0019 cents, down 0.001 cents, or 5% from its closing price of 0.02 cents the previous day.

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