Glance Technologies Inc (OTCMKTS:GLNNF) has been in full corrective mode pursuant to its breach of parabolic momentum. We highlighted this risk in our December 10, 2017 piece. We said then that, “Once the parabola gives way, it takes a while to regain that lost ground. This is because any parabolic move has but one function: to exhaust the supply of available buyers. We should view this task as completed at this point, and begin to turn our attention to this stock once again after a healthy period of consolidation has passed.”
However, we also noted there that a time would come to get interested in this name once again, and that new catalysts would arise. That time appears to be now: The company just announced that it has agreed to grant Fobi Pay Technologies Inc., a non-exclusive license to use the Glance Pay mobile payment, security, anti-fraud and Glance Coin blockchain technology for a $5 million fee for a one year initial term, renewable annually for $10,000 per year.
Glance Technologies Inc (OTCMKTS:GLNNF) bills itself as a company that owns and operates Glance Pay, a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device and that combines in-app messaging with social media marketing.
Glance Pay revolutionizes how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favorite restaurants.
Glance Pay intends to become the industry standard as one of the four pillars in restaurant payments, besides credit cards, debit cards, and cash. Glance is building a valuable network of restaurants and consumers and offers targeted in-app marketing, customer feedback, in restaurant messaging, custom rewards programs, search engine optimization and social media promotions and management for restaurants.
According to company materials, “Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom automated rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc. Glance Pay is currently developing a rewards based cryptocurrency to be integrated into its platform.”
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“Fobi Pay will offer big data analytics for networks of related businesses. Our value prop is in merging purchase basket and historical data with social media and mobile data to create highly personalized customer journeys,” says Rob Anson, CEO of Fobi Pay. “By licensing the Glance technology we will be able to offer a closed loop digital media and mobile strategy for our industry partners.”
“Fobisuite’s agnostic technology platform will allow us to bypass traditional integrations with POS systems to access real-time bill and payment information, increasing the value of our systems for merchants and improving our merchant adoption rate,” says Glance CEO Desmond Griffin. “Additionally, this opens up further revenue opportunities from real-time targeted advertising and big data analytics. We believe this is complementary to our current Glance Pay platform and are excited to begin implementing this technology.”
Earning a current market cap value of $149.4M, GLNNF has nearly $800K in cash on the books, which compares with about $162k in total current liabilities. The company has pulled in just shy of $100K in total trailing twelve-month sales, with sharp topline growth in the works as well. Sign-up for continuing coverage on shares of $GLNNF 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 $GLNNF, either long or short, and we have not been compensated for this article.