On 24th October’14, BrilliantPennyStocks.com initiated coverage on GFOO. The stock declined by 118.18% since the coverage was initiated.
Genufood Energy Enzymes Corp (OTCMKTS:GFOO) announced in late September that it had accomplished a share exchange program with Natfresh Beverages Corp. The deal involved Genufood exchanging its shares in lieu of 100% of the shares issued by Natfresh.
Deal Funded Via Shares Swap
Both the firms indicated that their respective shareholders have approved the exchange by a majority vote. In order to complete the transaction, Genufood Energy Enzymes Corp (OTCMKTS:GFOO) issued shares of its common stock to Natfresh Beverages Corp. The share exchange occurred at a face value of 1:1 ratio. A total of 1,156,460,641 shares of common stock issued by Genufood has hence been transferred to shareholders of Natfresh.
Natfresh – To Be Fully Owned Unit Of Genufood
The immediate result of the completion of the share exchange program is that Natfresh ceasing to exist as an independent trading company. It will going forward operate as a fully owned business unit/subsidiary of Genufood Energy Enzymes Corp (OTCMKTS:GFOO). All the assets and liabilities of Natfresh would now be passed on to the books of the acquirer.
Natfresh – Flush With Cash
As per the latest audited financial statements of Natfresh for period June 2013 to August 2014 has appraised total assets of $989,857. The breakup of assets and liabilities is as follows. Cash at hand is $785,312 and liabilities of $190,445. Investment equity adds up to $799,412.
Access Finance and Securities Takes $100000 Stake In Genufood
In an unrelated development, Genufood Energy Enzymes Corp (OTCMKTS:GFOO) reported that which is a independent company controlled by Genufood President has subscribed to a private placement of shares worth $100000 issued by Genufood. The shares have been priced at $0.0025 per share. Hence the ownership of a total of 40 million shares was transferred to Access Finance and Securities as part of this transaction.
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