It was a tough day in the markets for investors in Eco Innovations Group Inc (OTCMKTS:ECOX) as the stock suffered from a strong selloff and ended the day with a decline of 8%.
Trading Data
On Thursday, ECOX stock fell 8.33% at $0.0022 with 40.26 million shares, compared to its average volume of 11.48 million shares. The stock moved within a range of $0.0022 – 0.0032 after opening trade at $0.027.
Eco Innovation Group Announces Patent Publication by USPTO Covering Glytech, LLC Supercritical Plant Extraction Technology
The company, which is involved in the development of new green energy solutions, was in the news yesterday after it provided an update for existing and potential shareholders. The company announced yesterday that its cannabis extraction system Glycerin Extraction Technology had been covered by claims in the United States Patent number 11304986. The patent in question had been issued back on April 19.
While it goes without saying that patent protection for a proprietary product is almost always a major development for a company, it seems that the whole thing did not lead to any optimism among investors.
The stock suffered quite a steep selloff despite the news. Julia Otey-Raudes, who is the Chief Executive Officer of the company, noted that the technology was not only an upgrade on existing extraction technologies but it can also help in reducing costs considerably. It is going to be interesting to see if the stock can actually make a recovery today.
Key Quote
“The GET technology is an upgrade of the technology horizon for producing superior high-grade plant extracts with a provable reduction in costs, as well as time and energy, during the extraction process, which has enormous implications for the cannabis products and other industries,” stated Julia Otey-Raudes, CEO of Eco Innovation Group. “We believe that the issuance of the US patent granting broad rights to the GET technology will propel our entry into the cannabis and other markets.”
Technical Data
ECOX stock is below the 20–Day and 50-Day Moving averages of $0.0024 and $0.0026 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0142.
