Petrone Worldwide Inc (OTCMKTS:EWLL) is trading sideways in late morning session on Thursday.
Market Action
As of 11:53, EWLL stock is flat at $0.0011. The stock has a total volume 834 million shares, above its average volume of 283 million shares. The stock has moved in a range of $0.0010 – 0.0017 after opening at $0.0013.
EWLL Releases News
EWLL Acquisition Corp., wholly owned subsidiary of eWellness Healthcare Corporation (OTC.PK: EWLL), is Merging with American Health Protection, Inc. (AMHP)
- American Health Protection Inc., a private company (AMHP) is merging with a wholly owned subsidiary of EWLL (OTC.PK: EWLL). eWellness’s management and Board of Directors will continue in the same capacity.
- MHP through its administrative and financing agreement with Tritanium Labs USA LLC, a private Oklahoma based company is a leading supplier of “Made in the US” personal protection equipment such as disinfectants, masks, and hand sanitizers.
- The Company’s subsidiary is well financed and through its agreement with Tritanium Labs is profitable.
- EWLL has filed a Definitive Information Statement with the SEC to: (i.) change its name to American Health Protection Corp. and (ii) implement a reverse split of EWLL’s common stock and convertible securities on a 1:2000 basis, among other corporate actions, which are subject to FINRA approval.
- The Company anticipates this may occur by the fall of this year. The Company hopes to become current on its reporting obligations with the SEC in the near term. The merger is subject to final due diligence and is anticipated to close shortly.
- AMHP through its Administrative and Finance Agreement with Tritanium Labs should benefit from Tritanium’s right to the equipment that produces Hypochlorous Acid (HOCL) at the lowest cost of production.
David Markowski, CFO of EWLL, said “we believe HOCL should be an ideal product as the US emerges from the Covid-19 Pandemic. We believe our relationship with Tritanium should enable us to be a low cost supplier of the “best in class”, environmentally friendly disinfectant.
){kind=link}