EFFTEC INTL INC (OTCMKTS:EFFI) today announced a reverse merger of Red Light Bakers, LLC and their sister companies (RLB). RLB currently has zero debt and is in fact generating a positive cash flow. 160 million restricted common stock shares were issued by EFFTEC to RLB which officially makes them the majority owner.
The company further announced that:
“Brian Tucker and Dr. John (Jack) Morris have been named President and CEO respectively. In addition, Dr. Morris was named Chairman and Mr. Tucker will be a member of the Board of Directors. The company plans on bringing on additional members to its Board and is targeting executives with experience commensurate with the Companys core business.”
It should be interesting to follow this stock in the coming days as ups and downs will certainly be on the horizon.
The stock is down 8.33% or $0.0005 following the news, hitting $0.0055 per share. About 5.56M shares traded hands or 308.82% up from the average. EFFI has risen 200.00% since May 14, 2015 and is uptrending. It has outperformed the S&P500 by 202.26%.
Efftec International, Inc. does not have significant operations. The company intends to acquire fully or partially developed mobile applications; and an existing business in related technology fields. Previously, it developed EffTrack, an Internet-based chiller tool. The company was formerly known as American Resource Management, Inc. and changed its name to EffTec International, Inc. in July 2007. Efftec International, Inc. was incorporated in 1997 and is headquartered in Tulsa, Oklahoma.