NightFood (NGTF) Engages Global Investigative Services to Investigate Suspicious Market Maker and Trading Activities
TARRYTOWN, NY, April 02, 2018 (GLOBE NEWSWIRE) -- NightFood Holdings, Inc. (OTC: NGTF), a brand development company pioneering the projected billion dollar nighttime nutrition category, and developing unique products in the marijuana/cannabis/cbd related snack space, today announced that Global Investigative Services (GIS) has been retained by the Company in response to recent suspicious trading activities related to Company common stock.
In recent sessions, Company management has identified a pattern of trading that raises strong suspicion that one or more market makers is possibly engaging in “naked shorting” and illegal market manipulation. Typically, an individual or entity involved in naked shorting will profit by illegally driving down a company’s stock price while enticing unsophisticated investors to sell their shares so they may further increase their own profit. This type of market manipulation is done at the expense of both the shareholder base and the Company, which is why it is illegal.
“After extensive research, we believe that bringing GIS on board can help bring an end to these suspected illegal and manipulative practices, once again allowing the market to set its fair valuation for the Company shares,” stated CEO Sean Folkson. “While microcap stocks are inherently volatile, driving out the shorter is in the best interests of the Company and all existing shareholders.”
GIS specializes in corporate fraud, investigative due diligence, and other related investigative services. They plan to work closely with Company counsel and, as appropriate, report findings to regulators.
“We’re confident that we can put a quick end to the illegal activities we believe these individuals are perpetrating,” explained Ben Newman, President of GIS. “Substantial research and leg work have already been completed, and we have initiated decisive and impactful action which we expect to not only put an end to any illegal practices at this time, but also serve as a permanent deterrent to any other criminals attempting to manipulate the NGTF share price in the future.”
Company management has a history of taking steps to protect and enhance shareholder value while growing operations as it looks to pioneer the next billion dollar consumer category in nighttime nutrition, and develop innovative products to capitalize on the continuing trend involving the legalization of marijuana across the United States.
“The prospects for the Company are much stronger now than when the share price was at higher levels earlier this year,” explained Folkson. “We all know the market is not always perfect, and not always rational. However, it is critical that it be allowed to properly function without criminal activity having an artificial impact on the holdings of the honest, hard-working people who believe in the long-term NightFood vision. Along with GIS, we’re committed to doing everything we can to protect and enrich our investor base.”
NightFood (OTC: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc.
NightFood, Inc, “The Nighttime Snack Company”, is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. According to IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks.
Market research giant Mintel recently released a report identifying nighttime specific food and beverages as one of their most “compelling and category changing” trends for 2017 and beyond.
Currently, consumer’s most popular choices are cookies, chips, ice cream, and candy. These options are generally understood to be unhealthy, and often contain ingredients and nutritional profiles that can impair sleep quality. NightFood creates, manufactures, and distributes snacks formulated to help consumers satisfy nighttime cravings in a better, healthier, more sleep friendly way.
MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the brand name “Half-Baked”. As the legal landscape around CBD and cannabis related products continues to change and evolve, MJ Munchies will continue to explore, identify, and capitalize on opportunities clearly defined as legal. The Company believes tremendous opportunities currently exist to launch successful and compliant products in this space, and that such opportunities will continue to grow over time.
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Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Released April 2, 2018