MediSwipe Inc (PINK:MWIP) Insider Selling Continues

Yesterday MediSwipe Inc. (PINK:MWIP) closed down lost about a fifth of its price closing down 19.51% at $0.0829 per share on 23.4 shares.

MWIP is still about 1000% above the trading levels from November, last year, and shareholders who hold shares acquired at around $0.004 are looking at decent returns if they take profit now.

Curiously enough, among those selling are company officers. Yesterday another Form 4 was filed, this time it was CFO, Barry Hollander, who sold close to 400 thousand shares in the open market at an average price of $0.09. Those shares were approximately a quarter of MWIP stock he held.

This comes just 5 days after the Form 4 filed by Barry Friedman, CEO of MWIP. In the meantime, the company continues to issue optimistic press releases. The latest one concerns the introduction of a bill which outlines requirements for the medical marijuana program of the state of Michigan.

As previously mentioned, while the press releases by the company would suggest a bight future, there is still no filing showing actual positive financial developments. If MWIP is to sustain its current price level, or go higher, it may have to provide shareholders with something more than optimistic forward-looking statements.