Adama Technologies Corp (OTCMKTS:ADAC) came launching off its recent lows to close out last week as the company hit the wires with press clarifying some details regarding the launch of its new digital currency, which the company has named “CryX.” In response to the release, shares vaulted up to highs verging on the $0.20/share level, touching resistance at the stock’s 200-day simple moving average.
According to the release, “As previously announced, CryX will be traded and exchanged within a cyber store owned, operated and managed by Adama Technologies Corp. Additionally, Adama Technologies announced a partnership with a new cryptocurrency exchange site called Bit Trader Live, in which CryX would be processed and exchanged for users wishing to hold or exchange the token. Today, the company provided additional context on the timing and features that will be offered within the exchange as well as the token itself.”
Adama Technologies Corp (OTCMKTS:ADAC) bills itself as a publicly traded venture capital company that owns, operates and invests in technology companies as well as startups and expansion companies.
“Our management team employs a precise investment matrix that allows us to identify, evaluate and ultimately select what we believe to be high growth, high yield companies to become our next success story.”
This is a strong pivot from the company’s recent former identity, which is given as “Alpine Industries LLC specializes in precision machining and aerospace manufacturing. It engages in machining various components for various industries and markets. The company’s products include safety critical aerospace landing gear and other spare parts; and mine clearing blades, hypo-chlorination units, tow bridles, 60 ton jacks for the C5A, AIM-9 missle body trainers, numerous bolts and screws, drag links for the F-16 fighter planes, and other landing gear parts. It also provides parts for various private companies, including parts for well drillers, rollercoaster’s, motorcycles, 6 foot a-frames for banners, zip line parts, crash pads, and drilling carts; and dot peening and part marking services. The company was founded in 1967 and is based in Richmond, Utah.”
In other words, the emergence of a digital currency platform is quite a dramatic pivot for ADAC.
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As noted above, shares of ADAC sprinted higher on Thursday and Friday in response to additional details about the company’s digital currency offering. The market may have been responding as much to the company’s accompanying announcement of its partnership with Bit Trader Live, which could generate extra exposure for the new currency.
Eric Sills, CEO of Adama Technologies stated, “We are really working hard, along with our joint venture partner, BitTraderLive, to bring a token and a marketplace that will be extraordinary. We want to offer an excellent product that creates a one of a kind customer experience. Our meetings with the BitTraderLive team have focused on customer access and integration and we are working to create a product that allows every user the opportunity to link a credit/debit card to their wallet accounts as well as link in their existing PayPal accounts. We believe that these features will create ease of use and access that will be very attractive in the marketplace and attract users and customers alike.”
This is no doubt yet another play on the recent mania surrounding the cryptocurrency space. The company’s vision suggests a need for retail shopping to be founded on transferring money into a new and unregulated coin which is then used to purchase goods that could just as easily be purchased with the money in the first place. Like many similar new “ideas”, it is a superfluous application of the digital currency concept. But it has become routine to see these types of new headlines and just as routine to see the market react positively when these buttons are pushed.
Currently trading at a market capitalization of $14.9M, ADAC has a reserve ($121K) of cash on the books, which stands against about $1.3M in total current liabilities. ADAC is pulling in trailing 12-month revenues of $372K. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 102.5%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $ADAC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ADAC, either long or short, and we have not been compensated for this article.