the market and its traded volume jumped over 311 million shares.The most reasonable explanation on the stock climb appears to be the recent promotion of LKEN. According to stockpromoters.com, a third party has paid a $25 thousand compensation for a one day program for LKEN. However, it seems that Luke Entertainment decided to re-ensure its stock position by releasing a positive announcement about its business. Again on Friday, the company reported that its Accubrite has sealed a deal with Rite-Aid “to have the company’s ‘FreeInk4Life’ high quality inkjet refill kits distributed among the retailer’s more than 4700 US stores in 32 states”. Mr. Lenny Greene, CEO of LKEN, stated that the contracts have been finalized and the official launch of the product was planned for March next year.[BANNER]
As a result of the news and the promotion, LKEN grabbed the climb and the high trade began. Though, considering the negative price changes over the past week, a new uptrend can hardly be registered yet.
Luke Entertainment is an ink technology manufacturing and distribution company headquartered in Fresno CA. Last month, the company officially changed its name to Greene Concepts, Inc., which is currently under a process of FINRA acknowledgment.
Historical records show that it’s not the first huge gain for LKEN. A month ago, the stock hit a 400% gain on the market due again to good news on the company, though investors were afraid of eventual dilution at that time.
On Sept 15, the company purchased 100% of the stock of Accubrite, Inc. for $100 thousand, however, the company has a long-term debt to pay as well as a net loss. As of Oct 31, Luke Entertainment was supported by a loan from its CEO Leonard Greene, though the loan is still due upon demand. Presently, the company relies mostly on its new Accubrite acquisition and the Rite-Aid deal, but the results are yet to be seen.
