On Jan. 9, Altitude Organic Corp. (PINK:ERBB) issued a press release saying that the lawsuit which was blocking the Arizona medical marijuana dispensary program had been thrown out.
Strangely enough, four days later the company announced it would change its main corporate name to Tranzbyte Corporation, and will take on a “bold, new business venture.”
Altitude Organic will be a subsidiary under the new Tranzbyte Corporation, but there will be no share restructuring and no symbol change.
Yesterday, ERBB issued another press release, this time about the decision of Arizona Governor Jan Brewer not to pursue her lawsuit any further.[BANNER]
Through that ERBB stock price kept rising and yesterday it closed up 25.71% at $0.0088 with more than 10.5 million shares changing hands.
While it seems the general attitude towards ERBB stock is currently positive, there is no assurance it will go far. The latest financial report by ERBB was not particularly encouraging, although Altitude organic did report revenue – $21 thousand.
It is yet to be seen where the new focus of ERBB will take the company and what it would mean for the shareholders.
