Shares of Masterbeat Corp (OTCMKTS:MSTO) were up by as much as 69% this morning after announcing that an offer of $1.4 million for its real estate asset in Miramar Beach, Florida has been accepted.
As of 11:25 shares of MSTO were trading at .0098 up 19.5% adding .0016 to yesterdays close. Volume is very heavy already 7 times its 30 day average. Trading opened at .00904 and quickly ran to the days high of .0139 before settling back. MSTO has been trading in a tight range the last few weeks after coming off its big run in March. Today’s high is the highest MSTO has climbed in a month and if the stock can close above .012 investors may see this as a bullish sign.
MasterBeat is involved in acquiring assets and is especially focused on precious metals, real estate, and automobile collectibles among others. The real estate asset, known as Verano Palace, was acquired for $1.1 million back in September 2019. It is a vacation rental property consisting of 7 bedrooms and 7 and a half bathrooms.
From the press release:- “We are incredibly pleased with the $1.4 Million offer for our Verano Palace property. Another achieved milestone that continues to validate our business plan and proves the model works. Our model seeks to acquire properties that are income generating, profitable and self-sustaining, and have the potential for significant appreciation. Our first asset, the Verano Palace, has delivered on every aspect and then some,” stated Josh Tannariello, CEO of MasterBeat.
It is a self-sustaining property that has managed to generated revenues to the tune of $250,000 since it was bought. The sale of the property for $1.4 million reflects a profit of $300,000 in a shorter time frame than two years. Josh Tannariello, who is the Chief Executive Officer of MasterBeat, stated this sale constitutes another milestone that reinforces the validity of the company’s business model.
MSTO has been in a tight range. The morning spike pierced through some resistance areas. This could be the start of another move. Put MSTO on your watchlist to see.