Top Shelf Brands Holdings Corp. (OTCPINK: TEMN) stock volume soared Apr. 8, with 103,225,185 shares changing hands, nearly five time more than its three-month average volume of 37,462,754 shares.
The surge in share volume comes on the heels of Houston-based alcoholic beverage company’s Apr. 7 announcement that it has signed a financing agreement for $5 million with River North Equity LLC, a private investment firm focusing on investing in small-and micro-capitalized public growth companies.
"Securing a financing facility through an Institutional investor provides management with great leverage as our business plan is implemented," said Alonzo Pierce, chief executive of Top Shelf Brands Holding Corp. "Management can draw down on this financing at any time giving the flexibility to make strategic decisions on growing our business," Pierce added.
Team Nation anticipates using these funds for acquisitions, and other business activities that will directly result in generating revenue and earnings. This credit facility will not be used for working capital or corporate overhead. The company currently has enough cash on hand to tactically move our business plan forward.
On Mar. 27, Team Nation announced it has officially changed its name with the state of Nevada to Top Shelf Brands Holdings Corp. in order to reflect the true business of the company.
The company has also received a new CUSIP number in preparation for a new trading symbol and up-listing in the near future. Management has also filed the paperwork required to reduce the authorized shares of the company from 5 billion to 2 billion thereby protecting current shareholder value by significantly reducing the ability to dilute shareholders. Alonzo Pierce, CEO of Top Shelf Brands Holdings Corp, commented, "These changes are essential for us to achieve the goals we set when embarking on the task of becoming a fully reporting public company and gaining access to the public capital markets."
On Apr 8, TEMN’s share price closed at 0.0081 cents, down 0.0012 cents, or 12.90% from its closing price of 0.0093 cents the previous day.
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Green Cures Inc. Moves Forward With New Name and Management Team
In other news, Green Cures Inc. and Triton Distribution Systems Inc. (OTCPINK: TTDZ) announced the appointment of Mr. Robert Calkin as new chief executive officer, Meki Cox as new chief technology officer, Romeo O Cruz as new treasurer & board member, Dr. Wendy Osegueda as new South and Central America chief of operations & board member and the addition of Dr. Jhasmin Santizo to the board of directors.
The announcement of the new management team came less than a week after Green Cure’s Mar. 29 closing of its acquisition for controlling interest in Triton. The company is in the process of it changing 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.
Name Change Strategy
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 Apr. 8, TTDZ’s share price closed at 0.043 cents, down 0.0025 cents from its closing price of 0.0455 cents the previous day on volume of 40,754,494 shares.
A Myriad of Law Firms Investigate Sino Gas International Holdings
In the energy sector, Sino Gas International Holdings Inc. (OTCQB: SGAS) stock volume continued to soar Apr. 8, with 301,097 shares changing hands, more than three times its three-month average volume of 90,122 shares.
Peppered With Potential Lawsuits over Acquisition
The Beijing-based natural gas company that provides energy to residential and industrial customers in in the People’s Republic of China is being peppered with investigations from a myriad of U.S. law firms. As of Apr. 9, at least nine law firms had issue press releases regarding their investigations.
The investigations are being made to determine if shareholders have potential legal claims against the board of directors of Sino Gas regarding possible breaches of fiduciary duties and other violations of law related to the company’s entry into an agreement to be acquired by Prosperity Gas Holdings Limited, in a transaction valued at approximately $74.9 million.
It should be noted that no lawsuits have yet been filed and that no allegations of any wrong doing by Sino Gas have been established or proven.
On Apr. 8, SGAS’s share price closed at $1.21, unchanged from its closing price of the previous day.
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