Glance Technologies Inc (OTCMKTS:GLNNF) shares vaulted higher last week on a massive jump in volume, ramping from around $.30 per share right up to a test of the 50-day simple moving average at $.60 per share. The recent move has to do with the company’s final resolution to a long-standing battle on its board of directors.
Moreover, the company just announced that the Board of Directors of Glance has adopted new initiatives aligned with corporate governance best practices. According to the release, “as part of those initiatives, Glance announced that the Board has removed director Penny Green, who is not an independent director, from two Board committees.”
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 noted above, Glance may finally be starting to see some resolution to the tug-of-war struggle that’s been dominating the thematic backdrop of governance for the company for quite some time. In response to the shift reported this week, we’ve seen shares ignite, ramping to the upside by as much as 100% in just a few days.
Probably the most interesting part of the company’s most recent press release is the following section:
“Glance noticed an irregularity in Ms. Green’s ownership percentage disclosure after comparing her two proxy fight news releases dated February 21, 2018 (the “Requisition News Release”) and April 10, 2018 (together, the “Proxy News Releases”) against her filings on SEDI. Ms. Green claimed consistent ownership of approximately 12.27% of Shares in the Proxy News Releases. Based on her SEDI filings Ms. Green held, directly and indirectly through a controlled entity, 15,180,063 Shares on April 10, 2018, which Glance believes was approximately 11.26% of the issued and outstanding Shares.”
This suggests that the company is now aligned behind the Griffins, who had been at war with Ms. Green during the struggle. In any case, the market is beginning to spot the potential, based on recent activity, that the resolution of this tussle could be a factor in potentially sparking the turnaround in share pricing.
Currently trading at a market capitalization of $48.5M, GLNNF has about $268k in cash on the books, which is balanced by about $106k in total current liabilities. The company is pre-revenue at this point for all intents and purposes. You can bet we will update this one again as new information comes into view. 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.