GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) is one of the most exciting plays on the OTC so far in 2017. The company has found a way to position itself nicely right at the crossroads of the cannabis and bitcoin twin manias this year. And the results are clear on the chart, with the stock up powerfully over the past 3 months, marauding as much as 800% higher in that time. We’ve seen a little pullback over a couple days, which should be expected: there are founding shares and stock options and big winnings to be protected after this type of move, so some supply will inevitably hit the market.
Countering that supply is the company’s latest announcement, declaring the existence of a new version of the Glance Pay Merchant app which will allow merchants to download the app and accept Glance payments and rewards within minutes, with no custom hardware required. According to the release, Glance believes this should help enable viral adoption of its technology amongst merchants and position Glance Pay to be able to provide payment services that are similar to the ones exploding in China.
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 shares have been pulling back a little after a torrid run higher, but the company has stepped up into that pullback with a new product announcement that could further heighten interest in shares.
“According to a report released by the UN-based Better Than Cash Alliance, users sent $1.7 trillion in total payments through Alibaba’s Alipay service last year, up from only $70 billion in 2012; Tencent’s WeChat users sent about $1.2 trillion in 2016, up from $11.6 billion in 2012.”
“We are excited about opening our merchant app to a much larger audience and allowing them to get up and running very quickly with our upcoming app,” says Glance CEO Desmond Griffin. “And if you look ahead, custom hardware is not required to process cryptocurrency payments, and thus we believe we are well positioned with this new app.”
We’ve witnessed 91% piled on for shareholders of the name during the trailing month, but this action is running counter to the larger trend in the name. That said, GLNNF is a stock whose past is littered with sudden rips. In addition, the stock has seen interest climb, with an increase in recent trading volume of just under 140% over the long run average.
Currently trading at a market capitalization of $96.6M, GLNNF has nearly $800K in cash on the books, which compares with about $162k in total current liabilities. The company has pulled in just shy of $100K in total trailing twelve-month sales, with sharp topline growth in the works as well. As more color becomes clear on the name, we will review the situation and update our take. 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.