Santo Mining Corp (OTCMKTS:SANP) is a recent pivot player in the crypto space. We’ve seen a whole bunch of similar corporate strategic moves. But this one seems particularly rooted in awareness of the popularity of the crypto theme with the OTC trading crowd. However, that doesn’t make it problematic, but we think you should always understand the context where this type of story is concerned. In any case, the company has been very active of late, and most recently announced that its Board of Directors has appointed Mr. Rolf Bansbach as its new Chief Technology Officer.
For those who haven’t run a technology company, the CTO is an enormously important role. CTO’s have been known to make or break companies in many instances. And character is oddly often the important part of the equation. CTO’s in tech companies have tremendous power by virtue of their ability to hold a company hostage for key terms – often, the CTO is the only person in a tech company who actually knows how everything important actually works. So, in order to understand the implications of this decision, we are going to take a look at this new addition to the team.
Santo Mining Corp (OTCMKTS:SANP) is now doing business as PODWERKS, which is a co-working space for cannabis entrepreneurs in the United States, providing the necessary framework to grow, market, and sell all cannabis-related products.
However, the company’s latest release suggests it is trying to move into the cryptocurrency space as well. We would point out to readers that this has all the red flags one could ever hope to pile together in a single company. Buyer beware, caveat emptor, and all that.
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As noted, the company has appointed a new CTO. According to the release, Mr. Bansbach started very early in his life with a passion for technology. Since he was 12 years-old, he was already programming and studying all aspects of computer technology and network infrastructure. At the age of 19, he had already graduated in several IT Certifications, including MCP, A+, and Network+.
“During his early 20s, he started working in the business technology intelligence field, where he developed critical analytical skills that, combined with his technology talent, made him a key player with organizations like Hewlett Packard, Sykes Americas, and several IT data centers located in Latin America. By the age of 28, he co-founded a gambling software company, SoftecDigital.com, where he was the CTO for over 6 years. Under his leadership, the company developed several gambling applications for online sports booking, virtual casinos, and proxy gambling throughout Latin America and Asia. Mr. Bansbach also developed and managed millions of dollars in online credit card transactions, cryptocurrency transactions, interconnection of payment platforms, and computer security. At the age of 34, he was a Senior full stack.NET, MEAN, and LAMP Software Architect, consulting for the pharmaceutical industry on e-commerce platforms.”
Mr. Yglesias, CEO of Santo Mining, stated, “Mr. Bansbach takes on this new role in the company at a critical time for Santo Mining. As we prepare for the future, key acquisitions like Rolf are needed to take our company in a new direction. Young, talented blood is the future of the cryptocurrency. Rolf will see well beyond the curve and his vision will help navigate SANP into the future.”
The chart shows 1800% piled on for shareholders of the listing during the trailing month. The situation may be worth watching. SANP has a history of dramatic rallies. Moreover, the company has benefitted from a jump in recent trading volume to the tune of exceeding 360% above its longer-run average levels.
Earning a current market cap value of $5.9M, SANP has virtually no cash on the books, which stands against virtually no total current liabilities. SANP is pulling in trailing 12-month revenues of $45K. However, the company is seeing recent declines on the top-line on a sequential quarterly basis, with revenues falling at 0% as of its latest reporting period. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $SANP 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 $SANP, either long or short, and we have not been compensated for this article.