Signal Bay, Inc. (OTCMKTS:SGBY) announced a plan to buy cannabis testing laboratory number five, this one located in Portland, Oregon. The announcement comes only days after announcing a fourth laboratory purchase in Northern California for the leading cannabis consultant.
Bend, OR, Aug. 30, 2016 (GLOBE NEWSWIRE) — Signal Bay, Inc. (OTC PINK: SGBY) a leading provider of cannabis consulting, operations, and laboratory services announced today its intention to purchase a fifth cannabis testing laboratory located in Portland, Oregon. This comes just days after announcing a fourth laboratory purchase in Northern California.
CEO William Waldrop said, “We stated in an earlier press release that we had hired Ronnie Schmidt, a former General Manager for multiple Portland area dispensaries as a Sales & Marketing Director. He brings a wealth of experience to the table and a vast network of business contacts in the Portland market. In conjunction with that strategic hire, we had planned to process any and all accounts established by Ronnie through our existing facilities until such time that we could open the doors on an entirely new location in Portland. As of today, that plan has changed significantly for the better.”
Mr. Waldrop stated, “Today we ramped up our plans for growth by signing a letter of intent to purchase an already existing testing facility in Portland. With this one strategic move, the 90-120-day window we had in place for opening a facility in this market has virtually been eliminated. This acquisition also adds hundreds of already existing accounts to the Signal Bay portfolio. Add Ronnie Schmidt to the mix and all of this combined has us convinced that we are going to capture significant market share in Portland and the surrounding communities.”
Signal Bay operates state-of-the-art testing facilities and offers accredited testing methodologies that ensure the safety and potency of the nation’s cannabis supply. As the legalization of medical and recreational marijuana continues across the country, demand for reliable cannabis testing facilities is increasing.
Mr. Waldrop finished up by stating, “This particular business is already working with ORELAP towards state accreditation so that was a positive sign for us, but there are four other key factors we take into consideration when deciding whether to acquire an existing lab. One is how well the existing management team will blend in with our existing team and begin contributing to the organization. We feel confident and frankly very excited about having this particular group join us and we feel that this one will also be a seamless transition. Two is the level of experience, ethics and integrity as viewed by their existing clients, of which they received multiple positive reviews. Three is opportunity for revenue growth and cost savings, both of which can be realized through this acquisition. And four is the passion of the employees and culture of the organization. They’re all just good people; hard working and passionate about what they do. This move is a win-win for all parties involved, including our shareholders. We will have more to come on this transaction very soon.”
About Signal Bay, Inc.: Signal Bay, Inc., through its subsidiaries Signal Bay Research, Signal Bay Services and EVIO Labs, provides advisory services, operational management and analytical testing services to the legal cannabis industry. Learn more at SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
Notice Regarding Forward-Looking Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Potential investors in Signal Bay, Inc. (OTCMKTS:SGBY) should be looking at the current and historical short data in order to get a glimpse of where the market believes the stock might be headed. According to the most recent information, there are 223300 total short interest. Given the stock’s average daily volume of 21830000, this results in N/A days to cover. In looking at the total shares short in respect to the total outstanding share total of 537690000, yields a 0.00042% of total shares that are short. Compared to last month, this is a 80.08 change in total short interest.
When investors engage in short selling or “shorting a stock”, they actually borrow shares from an existing owner, sell the borrowed shares at market price, and take the cash. The short sellers then promise to replace the stock in the future and makes dividend payments out of their own pockets to cover the dividend income that is no longer exists on the original, now borrowed and sold, shares.
They hope that the stock price will fall or that the company will fail and go bankrupt, leading the equity holders to ruin. The short sellers will then buy the stock back at a much lower price and replace the borrowed shares, pocketing the difference.
Shorting a stock can be very risky if the price doesn’t decline like planned and, in fact, increases. It’s important for any investor to understand the dangers and potentially catastrophic financial losses of short selling.
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Signal Bay, Inc. (OTCMKTS:SGBY) shares closed the most recent session at $0.0272 moving from the previous open of $-0.0008. This is compared to the stock’s 52-week high of 0.03 and 52-week low of N/A. Is now the right time to take stake in the 15160000 market cap company?
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Disclaimer: The views, opinions, and information expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any company stakeholders, financial professionals, or analysts. Examples of analysis performed within this article are only examples. They should not be utilized to make stock portfolio or financial decisions as they are based only on limited and open source information. Assumptions made within the analysis are not reflective of the position of any analysts or financial professionals.