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Concerns raised over medical marijuana firm’s press releases
GRANT ROBERTSON
The Globe and Mail
Published Wednesday, Dec. 31 2014, 6:50 PM EST
Last updated Wednesday, Dec. 31 2014, 7:30 PM EST
Comments closed
Creative Edge Nutrition, the company seeking to become Canada’s largest producer of medical marijuana, has been dropped by its investor relations firm due to concerns over improper press releases issued to the markets.
The news release service Marketwired quietly reissued two press releases by Creative Edge Nutrition on Wednesday, removing the phone number for New York communications firm 5WPR as the investor relations contact, and removing the name of William Swalm as the spokesman for the company. In a separate move, 5WPR also removed Creative Edge from a list of clients on its website.
A source close to the matter told The Globe and Mail the move came at the insistence of 5WPR, after the firm learned Creative Edge had issued press releases under its name, but without its knowledge or approval. Marketwired said it was contacted by Creative Edge to remove the references to the New York firm, but gave no further information.
Creative Edge is a Michigan-based company that is seeking to become Canada’s largest grower of medical marijuana through its Ontario subsidiary CEN Biotech. Its application to open “the world’s largest” marijuana production facility in Lakeshore, Ont. is currently being evaluated by Health Canada.
However, there are mounting concerns over the company’s conduct, including numerous misrepresentations made by Creative Edge and CEN Biotech, as well as a large number of insider stock sales by chief executive officer Bill Chaaban over the past year.
The Globe and Mail published an article on Dec. 20, detailing several cases where Creative Edge appeared to make false or misleading claims to investors, through public statements and press releases, which caused the stock price to rise. But while Mr. Chaaban was touting the company to investors and wooing Health Canada, he was also selling off his own shares by the millions. Mr. Chaaban sold more than 71 million shares in 2014, for more than $4.6-million (U.S). Most of that was profit, since, as an insider, his shares were obtained at a fraction of a penny.
In response to The Globe and Mail’s article, the company issued a press release on Dec. 21 that purported to be an interview between a shareholder and Creative Edge’s “internal public relations spokesperson,” Isak Weber. In that press release, Mr. Weber claimed The Globe and Mail’s figures were “grossly misstated,” that the newspaper had “created their own story,” and said the company could not respond to numerous requests for an interview because it was under an SEC-mandated “quiet period.”
However, several elements of the press release are problematic. The assertion that Creative Edge is under a quiet period mandated by the U.S. Securities and Exchange Commission is misleading. As a non-SEC reporting company trading on the U.S. over-the-counter (OTC) market, SEC quiet period rules do not apply to the company, according to the regulator’s rules. The Globe and Mail has tried to reach Mr. Weber but could not find any contact information or evidence of his employment at the company or as a public relations professional. The company has provided no evidence that the figures detailing Mr. Chaaban’s share sales are misstated.
5WPR asked for its name to be removed from that press release. The company asserts that it was not aware of the press release, nor did it approve its content, despite being listed as the contact for further questions.
The second of the two problematic press releases was issued Wednesday morning, when Creative Edge announced James Robinson had taken the reins as CEO of Creative Edge, so that Mr. Chaaban could focus on operating the Canadian medical marijuana subsidiary CEN Biotech, which is to be spun-out into a separate operation. 5WPR’s name was also later expunged from that announcement when a revised version was released.
An attempt by The Globe and Mail to reach Mr. Chaaban or Creative Edge Nutrition through the e-mail address provided on the updated press releases failed when the e-mail bounced back. A spokesman for Health Canada could not be reached for comment.
Based in Manhattan, 5WPR’s client list includes McDonald’s, M&M’s, and the Jackie Robinson Foundation.
Creative Edge Nutrition, a penny stock that soared to a market capitalization of more than $350-million when the company erroneously claimed to have been given an operating licence by Health Canada, has lost considerable value in recent months. The shares have fallen 34 per cent since the Dec. 20 Globe and Mail article, and closed at 1.32 cents on Wednesday. The company’s market capitalization has fallen by $24-million since the article was published.
http://www.theglobeandmail.com/report-on-business/concerns-raised-over-medical-marijuana-firms-press-releases/article22261438/?cmpid=rss1
Medbox's Largest Shareholder Comments on Recent Events and the Company's Outlook for 2015 http://www.marketwired.com/press-release/medboxs-largest-shareholder-comments-on-recent-events-companys-outlook-2015-otcqb-mdbx-1979765.htm
Meanwhile the law firms are lining up with class action suits.
http://www.businesswire.com/news/home/20141230005578/en/INVESTOR-ALERT-Law-Firm-Levi-Korsinsky-LLP#.VKL-h14DeA
https://finance.yahoo.com/news/investor-alert-investigation-medbox-inc-181200063.html
Chris Parry's take on FITX - "Creative Edge Nutrition is a pump and dump"
http://www.stockhouse.com/news/newswire/2014/12/22/the-fitx-creative-edge-nutrition-pump-and-dump
World Moto Announces Receiving Second Tranche of $500,000 and Completion of $1 Million Financing
NEW YORK, NY--(Marketwired - Dec 17, 2014) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") is pleased to announce that it has received the second tranche of $500,000 on a $1,000,000 financing.
The Company signed a Senior Secured Promissory Note and had received its first tranche of $500,000 (gross) in April 2014. The second tranche of $500,000 (gross) was received on December 12, 2014. The placement agent for the transaction was a FINRA/SIPC member investment bank. Details of the Financing are available via the SEC's website at www.sec.gov
Paul Giles, CEO of World Moto, commented, "We are pleased to have completed this financing as the process was rigorous and required perseverance to achieve a number of key milestones relating to our disclosure and reporting requirements. Having achieved these formative objectives, the Company's main focus is on bringing its products to market."
The Company will have further updates in the coming weeks.
World Moto Changing the way the world goes around™
World Moto is the global authority on the $500 billion motorcycle taxi industry and inventor of the Moto-Meter™, Wheelies™, and Yes™.
Products/Services:
The Moto-Meter™ is a landmark device that CNN, Newsweek, Wired, Moneylife, among others, are calling "the world's first motorcycle taxi meter" and "world's first portable taxi meter" and "first-ever black box for motorcycles," while the Times named it "one of the most significant innovations of this decade" and Fast Company declared it "The First Real Taxi Meter Innovation in 100 Years... a $3 billion dollar idea."
Wheelies™ display static and streaming media on the wheels of motorcycles and automobiles, providing a unique and beautiful new mobile medium for advertising, broadcasting, self expression and publishing. According to Fast Company, Wheelies™ "invents a new kind of screen -- and one that's potentially ubiquitous... It's best seen to be believed."
Yes™ - Your Personal Convenience Store - Delivery in minutes - Popular food, snacks, beverages, household supplies, personal care, healthcare, and pet foods - Want it now? Yes™.
Community:
Facebook: http://www.facebook.com/worldmoto
Video Channel: http://www.youtube.com/user/worldmoto
Website: http://www.worldmoto.com
To find out more, please visit the links above. World Moto, Inc. trades on the following:
(OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY).
Looks like a paid promo on twitter for $FITX now starting
Dude. You were bullish on FITX. And now?
Chris Parry is not an investment expert.
Warren Buffet's Berkshire Hathaway Enters Cannabis Industry
AVTC comments on growing marijuana industry
CORONA, Calif., Nov. 13, 2014 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a design integrator and manufacturer of high performance automated retailing systems, custom vending machines, and compliance and control mechanisms for the rapidly growing legal cannabis industry, commented on the news that Warren Buffet's Berkshire Hathaway Company has entered the legal marijuana industry.
This is their website http://www.autoretail.com/
Oh I know. Just adding color commentary
No one in the industry will use this. BIO Track is the best software out there...no one needs a physical unit either.
Probably related to Jim Jones
FITX is over
Posted November 06, 2014
Council has passed an Official Plan Amendment and Zoning Bylaw Amendment to provide for the establishment of Health Canada licenced facilities, under the new Marihuana for Medical Purposes Regulation (MMPR) and Industrial hemp Regulations at its Special Meeting of November 4, 2014.
Council has provided for the establishment of licenced Hemp facilities in Agriculture designated / zoned lands only and, licensed Marihuana facilities in Employment designated/ zoned lands only. All proposals for these facilities will be considered on a site specific basis (a zoning by-law amendment is required to permit these facilities).
Council’s decision on the Official Plan Amendment (OPA No. 6) will be forwarded to the County of Essex, the Upper Tier Municipality, for consideration and approval. The County will publish a decision on OPA No. 6 in the near future, with a 20 day appeal period. The Zoning By-law does not come into effect until the Official Plan Amendment has been approved by the County and is in “full force and effect”.
The subject North Rear Road properties are zoned and designated Agricultural and the current structures are consistent with the designation and zone. However, the growing or processing of medical marihuana at these sites would not be permitted under their current zoning. An applicant would be required to apply for a Re-zoning of the site .They are not ‘grandfathered’ under the Council amendment.
New ones after mergers, rto's etc.
They may force all companies to file 211's before being quoted.
Yea....Kinda creepy. Why don't you email her?
Really? All the employees have been laid off? Stop spreading vicious rumors. I believe that would be a material event and subject to an 8K.
What's to say management hasn't stepped up and done a shareholder loan? Mr. Giles funded this company for years before the company got their first financing.
The CFO is buying stock. Explain that.
Does Chadwick have to buy back all the stock he dumped now that the JV is over?
Because people call the banks and MYEC merchants and drive them crazy with questions. I am sure there are a lot more deals going on, but they aren't public because of this.
Definitely ESL
ELRA
Elray Resources, Inc (OTC:ELRA) is our current awareness campaign and client, and is up over 200% on nearly $500,000 traded so far today. You can see from point of contact on their releases they are a client of ours, and can easily introduce you to CEO to vouch for our awarenss service performance.
If you have a company, or new merger seeking additional investor awareness please email us at info@ludlowresearch.com
Id be more then happy to send you more information
Elray Resources, Inc (OTC:ELRA) is our current awareness campaign and client, and is up over 200% on nearly $500,000 traded so far today. You can see from point of contact on their releases they are a client of ours, and can easily introduce you to CEO to vouch for our awarenss service performance.
If you have a company, or new merger seeking additional investor awareness please email us at info@ludlowresearch.com
Id be more then happy to send you more information
Good example of quiet period from another company:
LANSING, Mich., July 1, 2013 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) (the “Company”), the leading developer of advanced spider silk based fibers, today announced the end of the quiet period phase related to its recently filed S1 financing registration and a second potential financing that the Company has now terminated.
“We are very happy to be able to announce the end of this quiet period, and we want to thank our shareholders for their patience,” said Company CEO and founder, Kim K Thompson. “Quiet periods during times when certain financings are being prepared are a normal part of the Company’s regulatory compliance obligations. While it is wonderful to receive the underlying finance, the quiet periods themselves are an unwelcome, but necessary burden. Having successfully carried that burden, we are now very happy to set it down.”
During the quiet period, the Company was unable, from its perspective, to effectively disseminate corporate information announcements and public relations announcements. The Company had come to terms with a New York based investment banking firm for a potential financing (in addition to the financing described in the recently filed S1) that would have necessitated a second S1 registration. The Company has determined however that the burden of an additional quiet period, or any further open ended extension of the quiet period, would be too counterproductive. The Company is looking forward to resuming more open communications with the financial markets and shareholders.
The federal securities laws do not define the term "quiet period," which is also referred to as the "waiting period." However, a quiet period extends from the time a company files a registration statement with the SEC until SEC staff declare the registration statement "effective." During that period, the federal securities laws limit what information a company and related parties can release to the public. The failure to comply with these restrictions generally is referred to as “gun-jumping.”
Source: SEC Website
or there might be shortcovering
http://otcshortreport.com/index.php?index=attbf#.VCMRDvldUnE
A well established Investment Bank (http://www.aegiscapcorp.com/) would have done some pretty serious vetting on the backgrounds of the all principals of the company before representing them. Most investment banks hire private investigation firms to do background checks before putting their clients into million dollar deals.
Aegis isn't an Asher or Magna. It is a member of FINRA/SIPC/NQX/ARCA.
Looking at their past deals at http://www.nasdaq.com/markets/ipos/offering-history.aspx?expert=aegis+capital+corp it would seem that World Moto is very small in comparison. So ask yourselves why an investment bank of this calibre would take them on.
In case you don't understand the world of investment banking, a company can't just call up an institution on Wall Street and ask to be represented. It's generally the other way around.
Had no idea Richard Branson's Virgin was in the motorcycle taxi industry too.
http://www.virgin.com/travel/london-motorcycle-taxi
Did WM's CFO just pick up a couple of hundred thousand plus shares?
Check out the form 4 filing - http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10187362
MYEC patent is referenced in these follow-on patents, look at the companies:
REFERENCED BY
Citing Patent Filing date Publication date Applicant Title
US7861287 * May 17, 2006 Dec 28, 2010 International Business Machines Corporation System and method for utilizing audit information for challenge/response during a password reset process
US8301684 * Feb 26, 2009 Oct 30, 2012 Google Inc. User challenge using information based on geography or user identity
US8401969 * Mar 3, 2010 Mar 19, 2013 Moneygram International, Inc. Virtual traveler's check
US8447777 * Sep 9, 2011 May 21, 2013 At&T Intellectual Property I, Lp System for tracking media content transactions
US8462920 * Oct 5, 2006 Jun 11, 2013 Telesign Corporation Registration, verification and notification system
US8464939 Mar 5, 2012 Jun 18, 2013 Consumerinfo.Com, Inc. Card registry systems and methods
US8626662 Dec 17, 2010 Jan 7, 2014 Ing Direct N.V. Method for securely clearing checks
US8635117 * Aug 9, 2013 Jan 21, 2014 Rohter Consulting LLC System and method for consumer fraud protection
US20080010687 * Oct 5, 2006 Jan 10, 2008 Metro Enterprises, Inc. Registration, verification and notification system
US20100218111 * Feb 26, 2009 Aug 26, 2010 Google Inc. User Challenge Using Information Based on Geography Or User Identity
US20110218913 * Mar 3, 2010 Sep 8, 2011 Moneygram International, Inc. Virtual traveler's check
US20120030764 * Sep 9, 2011 Feb 2, 2012 At&T Intellectual Property I, Lp System for tracking media content transactions
US20120316990 * Jun 9, 2011 Dec 13, 2012 Google Inc. Evaluating Merchant Trustworthiness
US20130272512 * Jun 11, 2013 Oct 17, 2013 Telesign Corporation Registration, verification and notification system
Medium is more than day trading and less than holding T Bills
Just depends if you want to play the day trading game or buy and hold
Everyone is looking for the quick pop. Well, that's fine. This is going to be a medium term buy and hold.
Mr. Brochstein - are you a member of FINRA or SIPC?
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non registration of insider sales?
Only one back up generator? What about the a/c units? LOL