GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) has been breaking out again. We recently covered this stock, suggesting that it was a possible buy the dip candidate as it pulled back from trend highs. That profile is awakening here early this week, spurred on by recent catalysts. To wit: the company closed last week with a couple of key announcements, including a change in leadership and new financial results for the third quarter ended August 31, 2017.
According to one release, “Glance previously announced a 664% increase in revenues in Q2 2017 up from Q1 2017. It now announces a 90% increase in revenues in Q3 2017 up from Q2 2017 and a 55,784% increase in revenues in Q3 2017 compared to Q3 2016 when the Glance Pay application was launched. Glance has approximately $9,400,000 in the bank as of October 26, 2017.”
GLANCE TECHNOLOGIE COM NPV (OTCMKTS:GLNNF) bills itself as a company that owns and operates Glance Pay, a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device and that combines in-app messaging with social media marketing.
Glance Pay revolutionizes how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favorite restaurants.
Glance Pay intends to become the industry standard as one of the four pillars in restaurant payments, besides credit cards, debit cards, and cash. Glance is building a valuable network of restaurants and consumers and offers targeted in-app marketing, customer feedback, in restaurant messaging, custom rewards programs, search engine optimization and social media promotions and management for restaurants.
According to company materials, “Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order food & drink, settle bills, access digital receipts, earn great rewards, & interact with merchants. Glance is building a valuable network of merchants and consumers and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, a merchant manager apps, large-scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.”
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As noted above, GLNNF has been a red-hot top-line growth story ever since the company hit the payments space and managed to find a clever way to integrate that story with the cannabis theme. That puts on top of a short list as among the most drool-worthy of stocks for the OTC trading crowd. And the results speak for themselves, with shares launching as much as 533% since hitting the radar back in late August.
“We are pleased to continue this trend of sharply increasing revenues quarter after quarter,” says Glance CEO, Desmond Griffin. “We have been successful in developing and licensing our technology, resulting in $3 million worth of development, licensing and marketing agreements signed in the past five months. We believe we are well positioned to take advantage of the continued acceleration in the adoption of mobile payments worldwide, as well as the increased interest in cryptocurrency and blockchain based technologies.”
But the top-line growth story is one of the company’s catalysts right now. We also saw a change at the top, with the company coming out and announcing the appointment of Kirk Herrington as Chairman of the Board. According to the release, Mr. Herrington has been on the Company’s Board of Directors since October 2015 providing Glance with his extensive experience as a software executive.
“It’s very exciting to see Glance take a leadership position in the mobile payments industry with best in class security and support for the cryptocurrency payments,” says Kirk, “I am honored to be appointed Chairman and excited about the future for Glance.”.
Currently trading at a market capitalization of $69.6M, GLNNF has recently raised cash to nearly $9M on the books, which compares with about $192K in total current liabilities. The company just announced gross revenue increased by 90% to $240K in Q3 from $126.5K in the second quarter of fiscal 2017, and it increased by 55,874% compared to the third quarter of 2016. This clearly continues to be a riveting micro-cap growth story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $GLNNF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $GLNNF, either long or short, and we have not been compensated for this article.