The Terra Tech Corp. (OTCBB:TRTC) Pump Comes to Its Inevitable Conclusion
In an unprecedented dumping of shares, Terra Tech Corp. (OTCBB:TRTC) took a fall of nearly 30% to close at $0.10. Not only were more then 4.6 million shares shed on the market but it also marked their new 52-week low.
This was to be expected if you read our previous article about the company. The considerable sum of $70 thousand paid to StockPublisher and PennyStockCrew for the promotion ensured that when the crash came it would hit the stock hard. When the newsletters saw where the things were going, they suddenly became quite silent despite the promises to keep their subscribers updated throughout the trading session. We haven’t received any new alert emails today so it is more than likely that they will go on to seek new picks.
Unfazed by this development the company continued with their press articles and released two more. Although the first was just another PR piece about their CEO being interviewed, the other was a bit more substantial. Following the distribution agreement with GroRite Garden Centers, they have now signed another one with NB Plants that enables them to have first right to purchase their entire crop throughout the year.
And now it is time to delve into the complexities of the corporate world. As part of the acquisition terms for Edible Gardens, Ken Vande Verde was appointed as COO of TRTC, while two of his brothers were elected as directors of company. Additionally, the shares issued to the Vande Verde family for the acquisition gave them 53.7% of the voting power of the Corporation. Now, Ken Vande Verde is still the president of GroRite according to its official site while Mike and Steve Vande Verde are the President and Vice-President of NB plants, respectively. What the final outcome of all of these family dealings will be won’t become clear until TRTC releases a quarterly financial report. For now the low price of the shares may induce some valley buying but any major boost in investor confidence is unlikely.
