Golden Grail Beverages (OTC: GOGY) Addresses Alleged Promotional Activity

Rhea-AI Summary

Golden Grail Beverages (OTC: GOGY) addressed recent promotional activities that led to a "Stock Promotion Designation" on OTC Markets. The company clarified that it did not participate in or authorize third-party emails that claimed compensation for promotions. CEO Steven Hoffman linked these promotions to naked short selling, which he believes is artificially lowering GOGY's stock price. Hoffman urged small-cap issuers facing similar issues to collaborate. The company continues to grow its beverage portfolio and is building distribution networks while emphasizing shareholder support.

Positive

• Continuing to build distribution and retail networks.
• Plans to execute business strategy with new partnerships.

Negative

• Allegations of naked short selling affecting stock price.
• Stock Promotion Designation could harm investor confidence.

FORT LAUDERDALE, Fla., March 24, 2023 /PRNewswire/ -- Golden Grail Technology doing business as Golden Grail Beverages, (OTC: GOGY), today addressed the promotional activity that caused OTC Markets to place a "Stock Promotion Designation" alongside the company's symbol on the OTCMarkets.com website.

Golden Grail management and counsel have reviewed the emails published by third-parties, and each of the third parties claim they received compensation for producing and distributing the content. While the articles quote from the Company's press releases, the Company wants to reaffirm that it did not participate in the articles and was not contacted by the authors for comment.

"We believe that these promotion emails could be related to the naked short selling that we announced on March 7^th, as bad actors look to artificially lower GOGY's stock price" declared Golden Grail CEO Steven Hoffman.

Naked short selling is an issue that currently plagues many OTC issuers, and negatively affects OTC investors and shareholder value. We have noticed that some of our peers are starting to take action to combat these short sellers. For example, Global Tech Industries Group (GTII) recently filed a lawsuit against multiple brokers and market makers such as Canaccord Genuity LLC, Credit Suisse Securities, (USA) LLC, Instinet LLC, Lime Trading Corporation and GTS Securities, LLC, that are allegedly engaging in this nefarious conduct (https://www.nasdaq.com/press-release/global-tech-industries-group-inc.-gets-confirmation-its-complaint-has-been-served-on).

"We received confirmation from some of our shareholders that the same short selling practices are happening with Golden Grail, as market makers are trading against their orders to lower our share price. Our team continues to analyze the trading of GOGY stock using multiple resources and data points in our efforts to combat potential short selling of the Company's stock and protect the interests of our shareholders. I urge other small cap issuers to continue the fight, if you are a small cap issuer dealing with a similar situation, please contact us at IR@goldengrailbeverages.com.We are looking to gather information as to how other companies are battling the shorting issue."

Mr. Hoffman continued "We hope that we can continue to rely on the support of our shareholders, both long term and new, as the company strives to execute its business plan. We are continuing to build our distribution and retail networks and will keep our shareholders informed as we move forward with exciting new partnerships in the coming weeks."

Golden Grail Beverages (OTC: GOGY) www.GoldenGrailBeverages.com is a fast-growing company with a strategic mission to innovate, build and streamline the growth of its beverage portfolio through fiscally responsible investing. The company targets brands with a proven sales history, loyal consumer following, retail presence and strong value proposition who need assistance to get to the next few levels. Golden Grail has been actively acquiring brands within emerging and growing beverage categories. Our robust product offerings include Sway Energy Drink, Spider Energy Drink, Trevi Fruit Essence Water, Tickle Water, Sketch Can for Tweens, Cause Water & KOZ Water helping reduce global plastic pollution and Scorpion Energy Hemp/CBD.

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Forward-Looking Statements:

This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition. Also, it includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/golden-grail-beverages-otc-gogy-addresses-alleged-promotional-activity-301780441.html

SOURCE Golden Grail Technology Corp

FAQ

What is the recent press release about Golden Grail Beverages (OTC: GOGY)?

Golden Grail Beverages addressed promotional activities leading to a Stock Promotion Designation on OTC Markets, clarifying non-participation in third-party promotions.

How is Golden Grail Beverages (OTC: GOGY) dealing with allegations of naked short selling?

The CEO announced efforts to combat naked short selling, stating it harms the stock price and urging collaboration among small-cap issuers.

What impact does the Stock Promotion Designation have on Golden Grail Beverages (OTC: GOGY)?

The designation may negatively impact investor confidence and perception of the stock.

What are Golden Grail Beverages' plans for future partnerships?

The company aims to enhance its beverage portfolio and build strategic partnerships to strengthen its market presence.

When did Golden Grail Beverages (OTC: GOGY) release this statement?

The statement was released on March 24, 2023.