Winning Brands Corporation (OTCMKTS:WNBD) shares dropped 33.33% at the start of the week to $0.00040 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $280K at 758.38 million shares outstanding.
Winning Brands Corporation is a Canada-based manufacturer of cleaning solutions. Its products include KIND Laundry Products, which is a gentle laundry solution; 1000+ Stain Remover, which is a solution that spans a range of clean-up situations; TrackMoist, which is a dirt surface performance enhancer; BRILLIANT, which is a family of commercial garment cleaning and finishing agent for Professional Wet cleaning; BLAU AIRE TURBO, which is an Air Sanitizing and Deodorizing Appliance; ReGUARD4, which is used for firefighters, and CLEAN1, which is a cleaning solution for professional grade results.
Its managed products are found in a number of retailers in a variety of countries, including participating locations of Walmart, Home Depot, Lowe’s, Canadian Tire, Home Hardware, Do It Best and other independent retailers. Winning Brands manufactures its portfolio of brands through its operating subsidiary, Niagara Mist Marketing Ltd. via select contracting arrangements.
In a press release this week, Winning Brands Corporation shared that it posted a supplemental filing at www.OTCMarkets.com over the weekend reporting a reduction/deferral of promissory note conversions.
Winning Brands has sought and received consent from holders of key promissory notes that are convertible into equity, to suspend the issuance of any new shares to these holders in respect of conversion notices received from this day forward, for not less than 60 days; the “standstill”. Winning Brands is presently performing the tasks necessary to qualify for a restoration of the company’s OTC Markets quotation tier to the designation “PINK Current Information”, as previously announced publicly. This standstill will preserve normal trading conditions for Winning Brands common shares during the “period of anticipation” for the restoration of the Current Information designation, as well as after the actual restoration of the Current Information designation, which may take place within 30 days of this supplemental information filing. The standstill reflects the desire of the company to avoid unproductive dilution and demonstrates goodwill by promissory note holders toward the company and its long term best interests. No consideration arises to the holders of the promissory notes nor or any other party, in any form, for the standstill,” the filing read.
Recall that Winning Brands Corporation recently resumed filing at OTC Markets, but that this requires completion of 2015 and 2016 filings. These filings have shown that even with the company’s challenge in obtaining capital for marketing, resulting in weaker sales during those past periods, it was able to retain operational integrity and managed to continue reducing its losses compared to earlier years. The company aims to be operating within, the Current Information “Pink” Tier again in Q2 2017, supporting its preparation for a minimum $1.5 Million Regulation A, Tier I filing with the SEC.
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