American Green Inc (OTCMKTS:ERBB) has been fluctuating in the market, for the last five trading sessions, moving between $0.0008 and $0.0006 per share. Much of the confusion surrounding the stock has been due to the departure of American Green’s CEO, Jonathan Miller. It should be noted here that Mr. Miller’s position had been terminated on August 12 and no replacements have been announced as yet.
The company has announced that David Gwyther, the chairman of ERBB, would be leading the company, in place of Mr. Miller. The management believes it to be good choice, given that Mr. Gwyther has been with the company for some time and is familiar with the initiatives undertaken American Green. Regarding the departure of Mr. Miller, the chairman stated that a change was necessary and this seemed to be the right time to restructure ERBB. Mr. Gwyther also voiced his belief that the company’s short and mid-term initiative should be aligned with the daily activities of its leader.
The next few days would be important for shareholders, as the management would review the initiatives undertaken, but left incomplete by Mr. Miller. The management has also announced plans to issue updates, once it starts to do so. There have not been many updates from ERBB, in the recent past. The last time the company made a press release was in June, when it announced that it was seeking testers for its American Green Xpress phone app.
ERBB had announced that it required a total of 1,000 testers for the American Green Xpress smartphone app. With this application, the company aims to provide convenience to its customers and patients, within the dispensary network of American Green. The application would also be licensed to third-party operators. At this time, ERBB was nearing the close of alpha testing the application, internally.
American Green Inc (OTCMKTS:ERBB) recorded a decline of $0.0001 in its share value, during the August 17 trading session, to close at $0.0007 per share.
Progressive Care Inc (OTCMKTS:RXMD) Declines Despite Net Profit For 2Q2016
Progressive Care Inc (OTCMKTS:RXMD) has filed its financial report for the 1H2016, with sales revenue of $8.5 million, beating analyst estimates. The company was also able to report a net profit for the period, with over 52,000 prescriptions filed in the 2Q2016 alone. Unfortunately, the stock has continued to decline, since the filing of the report. The August 16 trading session saw RXMD decline by 0.7%. This was despite the fact that RXMD had surpassed its guidance for the FY2016, with 6-months to spare.
Parikh Mars, the CEO of Progressive Care, claimed that the busiest part of the year was yet to come and the management plans to use this momentum to further accelerate its growth. PharmCo, a subsidiary of the company, was alone responsible for $4.5 million in revenues, more than half of the total. As compared to an increase of 22% in total revenue, PharmCo recorded a 38% increase in its business.