Epazz Inc. (OTCMKTS: EPAZ)
Epazz Inc. (OTCMKTS:EPAZ) shares more than doubled in value after the provider of cloud-based software solutions announced the imminent launch of a crowdfunding campaign. The stock was up by 128.6% in Monday’s trading session to end the day at $0.016 a share.
ZenaPay is Epazz Inc. (OTCMKTS:EPAZ)’s payment app for the legal cannabis business. The app is currently in the final stages of testing ahead of a potential launch on Apple’s App store. The proposed crowdfunding campaign seeks to raise money to fund sales and marketing efforts for the app among other cloud software products.
Investors who take part in the crowdfunding campaign will receive a monthly payment based on Epazz monthly revenues. However, the revenue-based offering will not dilute current shareholder’s holdings.
Epazz Inc. (OTCMKTS:EPAZ) plans to hire additional sales and marketing personnel to promote the new app and help generate significant returns from the fast-growing cannabis business. The company also plans to hire more developers.
“Epazz is growing fast, and we need more people to answer the phones and e-mails. We need to share our success with other government and business organizations. Also, we believe our stock will recover through 2017 and into 2018 and attain a fairer valuation,” said CEO Shaun Passley.
Investors sent the stock up 128% on growing confidence in the company’s cannabis payment software. However, the stock is still down by more than 50% for the year at the back of the massive 128% rally.
Epazz Q1 Financial Results
Prior to the announcement of the proposed launch of ZenaPay, Epazz Inc. (OTCMKTS:EPAZ) had been dead silent in the market. The last time the company was on the airwaves was in May when it reported Q1 financial results.
The company generated revenues of $473, 974 for the first quarter compared to revenues of $416,260 reported last year. Net income for the quarter stood at $28, 186 up from a net loss of (-$375, 553) reported in Q1 2016. Interest expense in the quarter dropped to $73,462 from $400,583 reported in Q1, 2016.
“We are increasing our revenues and decreasing our costs, thereby creating a positive net income. We believe we can finish the year strong. We will continue to move to build shareholder value on all fronts,” said Mr. Passley.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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