Creative Edge Nutrition Inc. (OTCMKTS:FITX) Soars On Press Releases
Creative Edge Nutrition Inc. (OTCMKTS:FITX) had a bad run last week. The company began losing momentum fast with the opening bell and had three consecutive red sessions, before barely managing to stabilize at $0.079 on Friday. The ticker’s descent was finally broken yesterday, when FITX jumped 16.27%, pushed up by its new press release.
Back on Mar. 7 FITX announced that it had acquired the assets of Hemp Technologies Ltd. – a limited liability company with operations in New Zealand, Canada and the United States, among other countries. FITX reached out to Hemp Technologies Ltd. because, as Bill Chaaban put it, “HempTech is a pioneer in the Industrial Hemp field”. FITX now owns 51% of the assets of HempTech and has declared that it would restructure the company globally, making full use of its new subsidiary.
The news of this acquisition is important in the sense that it is indicative of how FITX intends to realize its promises of “80-87% profit margins”. However, the fact that FITX has not given any information on the assets it acquired, or how the company intends to use them, is somewhat discouraging.
Indeed, all of FITX‘s numerous, wordy press releases that are related to the transaction seem vague and wishful. The latest one was the most disappointing of them all in that regard, as it was supposed to be a recap aimed at informing investors of company activity. The announcement contained very little in the way of useful information, but still managed to push the ticker up to $0.092, in spite of its ambiguity.
The truth about FITX is that, as a result of the uninformative nature of all of FITX‘s latest press releases, investors have very little to go on, other than the company’s financial filings. As for said reports – FITX‘s latest 10-Q was disappointing to say the least:
- Cash – $19 thousand
- Total Current Assets – $0.8 million
- Total Current Liabilities – $4.6 million
- Quarterly Revenues – $303 thousand
- Quarterly gross profit from revenues – $131 thousand
- Quarterly Net Loss – $1.4
Lately FITX seems to be making an effort to rise above its history of mediocrity. Although it appears to be making progress, its enduring financial difficulties and continual lack of commercial success is certainly a cause for concern.
FITX wasn’t the only pot-stock that surged up on Monday. Both Cannabis Science Inc. (OTCMKTS:CBIS) and Tranzbyte Corp. (OTCMKTS:ERBB) made huge gains yesterday, jumping 13.33% and 27.41%, respectively.
