Another CP Hatchet Job and he buried it as deep as he could with this one! Creative Edge Nutrition (OTO:FITX, Stock Forum) is – and I use this term advisedly – an absolute shit show. Longtime readers will have spent many long late winter hours with their feet up by the fire, a cigar and glass of red in hand, reading about how CEO Bill Chaaban has been pumping while dumping, about how the company said it was going to be the biggest weed grower ever, how it was sure to gets its license in a few weeks (about eleven months ago now), how Health Canada was calling them up begging them to get started to they could ‘partner up’, about how the town of Lakeshore had approved them to build their mega-grow (when actually it changed bylaws to stop it), about how random pictures of weed facilities from elsewhere posted to Facebook were somehow evidence that they had built more than a pole barn, and how they were going to sue anyone who had anything negative to say about them. Of course, none of those promises have actually happened. None of them. And, as if to put a nice big exclamation point on the end of the whole ‘none of them’, Canada’s newspaper of record, the Globe and Mail, eviscerated the company with a Grade A takedown that did everything but label it as an outright fraud. So I labeled it thus and demanded the company sue me to show it wasn’t. So far, no paper. But in the wake of that Globe story, the company put out a news release interview by an investor (who goes by the name Big Addison on various messageboards) and a non-existent person referred to as Isak Weber of ‘internal public relations’ at the company, wherein the pair said the Globe piece was erroneous. In the wake of that hilariously awful attempt at misdirection, FITX’s investor relations firm, 5WPR, and their investor relations rep William Swalm, insisted FITX remove their names from the news release and dumped the company as a client. And as if that wasn’t enough, Marketwired, the newswire the piece was sent out through, also removed Creative Edge as a client. Now, Creative Edge is saying it was unaware of the news release and that it went out without their approval, according to Grant Robertson of the Globe and Mail. Lastly, the email address listed on the revised news releases for contact information… doesn’t receive email. FITX stock is now under $0.015, yet still has a market cap higher than Organigram (TSX:V.OGI, Stock Forum), which is, you know, an actual license-holding medical marijuana producer with real patients and everything. So either OGI is way undervalued or FITX has a lot further to plummet before it is done. Oh – one last thing – I’ve long been saying CEO Chaaban is in hiding. Someone on InvestorsHub looked at the signatures on some official documents of the company over the last month and found.. ooops.. someone is signing Chaaban’s name for him. Oh dear. Worth noting: FITX’s last news release announced a new CEO for the company, saying Chaaban would remain as CEO of a spinoff, CEN Biotech, while one James Robinson would be taking the reins of FITX going forward. What does this mean? Two things. 1. FITX shareholders will finally understand that the weed play is majority owned by CEN Biotech, a company they only have a small stake in, and a situation Chaaban engineered back when FITX ran out of paper to flog but still needed cash to operate. 2. It means Chaaban can dump the rest of his FITX stock without having to file anything beforehand. And there you have it: the final days of a pump and dump. Can someone at the SEC please, for the love of all that is mighty, continue to not their job and let this nickel and dime outfit keep roofying the dumbest retail investors out there? Because, frankly, we’re all better off if anyone who still thinks FITX is a good bet has their money taken away from them so they can stop doing damage to the market. And the fact that there are STILL people buying this stock and telling the world they think it’s going to put their kids through college one day is, frankly, the single greatest act of surrealist comedy since Americans elected George W. Bush as President. Either way, Ill say it again... told ya so.
Posted on: Mon, 05 Jan 2015 21:05:21 +0000
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