Tranzbyte Corp (OTCMKTS:ERBB) Surges Back Up On Fluff PR
After the general hype around the marijuana industry failed to push the stock of Tranzbyte Corp (OTCMKTS:ERBB) in the right direction, yesterday the company decided to take matters into their own hands and published a PR article. It had such a tremendous effect that ERBB surged by more than 57% and closed the session at $0.01. Put into a buying frenzy once more investors managed to trade 559 million shares logging in the second best session for the company with a dollar value of $5.7 million.
We expected the PR that caused all this to reveal some vitally important information about the company but alas it contained nothing more than fluff. Apparently ERBB have decided to choose The Patient Alternative Relief Center (PARC) located in Phoenix Arizona as the first dispensary that is going to use their ZaZZZ vending machine. Keep in mind that it also said that the vending machine is actually not there yet and is expected to arrive in the next few weeks so investors should expect another announcement when that happens.
Meanwhile investors have been suffering through constant dilution. In just a year and a half ERBB have issued nearly 2.5 billion common shares bringing the total amount of outstanding shares to 3.4 billion out of the 3.75 billion authorized.
The financial state of the company should also prompt investors to use caution when dealing with the company. At the end of September ERBB reported the following results:
• $2600 cash
• $63 thousand current assets
• $4.6 million current liabilities
• $61 thousand revenues
• $289 thousand net loss
• $4.6 million current liabilities
• $61 thousand revenues
• $289 thousand net loss
For now though optimism around the industry is holding and in early trading today the stock is 25% in the green trading for $0.144. The two leaders of the sector Growlife Inc (OTCBB:PHOT) and Medical Marijuana, Inc. (OTCMKTS:MJNA) are also climbing further up with PHOT sitting at $0.255 for the moment and MJNA surging by 17% to $0.317 per share. 