Xtremely rare do investors see companies and insiders buying back shares on an OTC listed company, but EKNL looks to be doing just that making share inventory scarcer by the day and super thin.
Belize City, Belize -- (ReleaseWire) -- 01/11/2013 --Publishers of daily penny stock newsletter and research report, xtremepicks (http://www.xtremepicks.com) looks at EKO International (PINK:EKNL)
EKNL just updated investors that the active float in CEDE, which is the tradeable shares available has been reduced from the stated float on October 31, 2012 of 5.6M shares, to just 4.4 million shares – a 20% reduction in the active shares.
The Company also wishes to announce that, according to its records, the number of shares held by CEDE currently stands at 4,431,423 which is a reduction from the share number of 5,579,423 previously announced on October 31, 2012. http://finance.yahoo.com/news/eko-international-corp-appointment-director-144000608.html
This is HUGE to say the least, and the plan that is developing here is getting real interesting.
Investors first got confirmation that the company initiated a share buy back in October:
“Upon the achievement of a positive income statement and the repayment of its liabilities, the Company intends to initiate a program to buy-back common shares on the open market.”
Interesting to note, the company also announced shortly after, initial sales reports and
Company believes that cash flow from sales this quarter will be sufficient to meet its current financial needs and will be sufficient to finance its marketing expansion.
This gave the green light for insiders to scoop up share inventory as part of the share buyback program.
Definitely the reason here is to move prices up to proper valuations and big boards like Nasdaq which requires a minimum share price of $2.00. We also got confirmation with a recent announcement selecting MaloneBailey LLP, Certified Public Accounting Firm as auditors of the Company.
EKO International Corp. announces the selection of MaloneBailey LLP, Certified Public Accounting Firm for appointment as auditors of the Company.
So reducing float, share buyback, auditor selection sure does seem to be telling an interesting story. This is definitely a unique play rarely heard of with an OTC listed company that looks to be preparing for an uplisting to the broader exchange like NASDAQ & NYSE!
Now, it gets even better, EKNL with JV partner Neurovasc has been building a huge network of partnerships, relations, and referrals.
The key relationship with WalMart which they currently have their NC-Stat DPN testing devices for Diabetic Nuropathy are in over 100 of their Stores! Not to metion, key partnerships with iMDhealth.ca network giving EKNL access to thousands of physician, diabetes education centers and health care providers for diabetics across Canada, and first of many Clinics, the Mayer Institute including recent announcement of launching clinics in the USA to treat patients with their FDA approved FREMS technology
Now, here’s the kicker, EKNL recently mentioned they are to attend the Walmart Canada Professional Services Conferences of 2013 in Vancouver, BC (April 4-7) and in Toronto, ON (April 25-28).
Looks like, EKNL is building up something massive towards these Key conferences in April, and definitely looks like they are getting everything in order.
Members definitely do not want to miss out on any opportunity here to scoop unbelievable valued shares. We are keeping our $2 price target in check and with what EKNL has been building over the past few months, we will definitely be there with them as we approach these Key conferences in April.
EKO International Corp.
About EKO International
EKO International Corp. is a holding company focused on growth through acquisition. Each acquisition must have substantial growth potential and is expected to add assets and/or cash-flow to the consolidated financial statements of the Company. The Company is willing to examine a variety of proposed target businesses and if interested, will negotiate terms and conditions of purchase favorable to itself.
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Xtremepicks.com profiles are not a solicitation or recommendation to buy, sell or hold securities and is not offering securities for sale. Xtremepicks did not receive any compensation for the profile of EKNL and may be buyers in the open market Verify all claims and do your own due diligence. An offer to buy or sell can be made only with accompanying disclosure documents and only in the states and provinces for which they are approved.