Creative Edge Nutrition, Inc. (OTCMKTS:FITX) Slips, Drops More News
On Friday the share price of Creative Edge Nutrition, Inc. (OTCMKTS:FITX) dropped 9% to a close of $0.05 per share. Even though the company came up with a press release in the early morning, it didn’t help much, save for an early morning spike that could not be sustained.
On Friday morning FITX announced an ‘operating agreement’ with RXNB Inc. related to the company’s project to build a cannabis production facility in Canada. The release simply mentions the agreement, then goes to great lengths to detail what RXNB does. Our efforts to find more about it failed as Google returned very limited information on RXNB outside of FITX‘s PR.
FITX is ready with a new press release to start the week on a high note. The news hit the wire just a couple of hours ago. The release serves to clarify an 8-K filing that came through Growlife, Inc. (OTCBB:PHOT), FITX‘s partner on the production facility project. The press release claims that the structured ownership of the project was conceived as a way to mitigate the prospects of hostile takeovers and competitive interests. In a somewhat weird fit of disclosure, the PR states that there were attempts made by other parties to acquire the same property for tens of millions of dollars. This is followed by a statement from FITX‘s CEO who reassures the public that the team works ‘ONLY’ (sic) in the best interest of shareholders.
FITX announced on its Facebook page that the footings of the construction will be started by Friday, Jan 31, but the photos posted on that day show surveying equipment on a tripod, a digger and not much digging being done.
The news release has had an immediate positive effect on FITX‘s price, as the ticker opened 10% up right out of the gates and is currently 8% up in early trading. It remains to be seen whether the price will manage a green close and make up what was lost on Friday.