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Wednesday, November 25, 2020

Breaking Down the Consolidation on Glance Technologies Inc (OTCMKTS:GLNNF)

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Glance Technologies Inc (OTCMKTS:GLNNF) continues to consolidate following the bursting of the stock’s parabolic run higher last fall. At this point, we are starting to look for some kind of bounce action. Shares are hovering near a test of a rising 200-day simple moving average, which intersects the chart around $0.70/share. In addition, the company just announced that it has signed with the auto dealership and services firm Blue Star Motors to offer its’ mobile payment solution, Glance Pay.

“Providing a leading tech solution for our customers gives Blue Star Motors the ability to process payments wherever our customer is, with the added benefit of a loyalty and rewards program.  Offering Glance Pay as a payment option helps Blue Star Motors maintain our flexible and competitive advantage,” says Blue Star Motors Owner, Rob Libera, “I strongly support the technology and the benefits Glance Pay provides.”

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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“As we continue to target our growth strategy on the North American marketplace, we are excited to have Blue Star Motors be our first partner in the sizable automotive industry,” says Glance CEO Desmond Griffin CEO. “We believe there are a number of opportunities to streamline the payment experience in the car dealership space. For example, paying for car service, maintenance, and detailing has traditionally been a slow process and has generally lacked loyalty components. We also believe there are opportunities to remotely pay for services in this space, potentially enabling your car to be returned to you when ready.  We continue to believe that many industries want a way to offer a better payment experience while building loyalty.”

According to Future Market Insights (as cited by the company in its most recent release), “the global automotive repair and maintenance services market was estimated to reach a market valuation of US$ 441.3 billion by the end of 2016.” This strikes us as somewhat lazy work in the composition of a press release, given that predictions about the end of 2016 are now hardly a “future market insight”.

Recent action has seen nearly -10% stripped out of share pricing for the name in the past week. However, GLNNF is a stock with a past that has featured a litany of sudden rips to the upside. What’s more, the listing has seen interest climb, with an increase in recent trading volume of 18% over what the stock has registered over the longer term.

At this time, carrying a capital value in the market of $110.2M, 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. We will update the story again soon as further details emerge. 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.

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