Brainybrawn Inc (OTCMKTS:BRNW) suffered a huge cut yesterday as it closed at the end of the last trading session with a monster loss of 69.57%. This decline completely wiped out all the gains made in the last few sessions and brought the stock back very close to the 52 week low of $0.0004, not very far away from the lowest tick possible. The volume of the day surged to 177 million, not only much higher than the daily average of 14 million but also made it the most active day in the last 12 months.
Brainybrawn Inc (OTCMKTS:BRNW) reported that the news announcement titled as “Brainybrawn Announces AS Reduction & Strikes Deal With Microsoft India” is entirely False and all of the content of the respective PR are manufactured. The company has made Accesswire aware about this completely manufactured news announcement which was circulated though their system.
Brainybrawn stated that it would like to make it explicitly clear that it has neither started nor concluded deployment of its software at Tata Memorial Hospital or the eleven other hospitals as claimed in the press release under question. The company is not aware of any agreement of any sort, or a working association or relation of any type with Microsoft India.
Additionally, the company straightaway denies launching of its ‘SANVI HEALTHLYNX‘information management systems in fifty-three hospitals as stated in the news release. This news also talked about the annual recurring sales of more than $9 million from hospital contracts. It should be noted that this news of annual revenue is also completely doctored and so is the information about lowering its authorized capital structure to 750 million from 2 billion.
Brainybrawn stated that the company suspects that this news announcement was done either by a party who intends to hamper the reputation of the company or manipulate BRNW stock price for personal benefits. The company, through its subsidiary unit Sanvi Infotech Pvt. Ltd (India), advances customized windows and web applications and comprehensive offerings for different types of industries.
It also helps hospitality, retailers, and education providers in India and other nations, by developing services and products to help support, and commercialize their businesses and practices with innovative business and technology solutions such as business and office automation, ERP and broad information management software.