Boston, MA 05/15/2014 (wallstreetpr) – Rainbow International Corp (OTCMKTS:RNBI) may well have been a staid mining properties holding company up until a few days ago, but over the past few weeks, it has been slowing transforming to find the proverbial golden ‘pot’ at the end of the rainbow, quite literally by debuting in the now-lucrative Hemp industry!
The transformation for POT
Rainbow International Corp (OTCMKTS:RNBI) appeared to begin the transformation ever since Donal Corntook over as a new officer, buying-into over 84% of the voting rights.
With him at the helm, the company will now foray into an industry diametrically different from what it was just a few months back. Incidentally, there has been no strategic reverse merger or any other transformative instruments used either to make the move from the traditional mining plays to the hard-hitting pot cultivation realms.
A quick over view of the financial status of the company as of its 10-Q period reveals some interesting facts, overall assets it holds is to the tune of $30,047, and a net loss of $4K, while the current liabilities are in the range of $82,215.
So what gives for this company to make such a dramatic move?
8.5 million shares traded
Rainbow International Corp (OTCMKTS:RNBI) following the announcement traded over 8.5 million shares in a day, valuing $1.3 million pushing shares by over 36% allowing it to close the day at $0.1845 a share.
RNBI’s poor financials situation and operations as a shell company definitely limit the growth options, within the mining industry. But will such a catastrophic sector-jump result in growth? The speculation increases when one sees how SEC rained down on a recent such ‘pumped’ entrant – Pingify International Inc (OTCBB:PGFY) – which bit the dust, followed by suspension. Considering there is a pattern to such dramatic ‘pumped’ entrants, RNBI, will truly have to tread carefully, and look beyond immediate profits to remain true to those who are invested in it!
