Homie Recipes Inc (OTCMKTS:HOMR) has been trying to tell a solid story here but just can’t seem to catch a break. HOMR got absolutely obliterated this week when the stock fell from close to $2 to now 0.091 cents. Promotions are probably to blame and the company has done nothing to dispel the rumors by releasing a statement.
Of course, the OTC put a caveat emptor symbol by the stock in light of this. The news early in the month seemed strong: completion of the acquisition of Stevva Ltd., which permits the company enter the Stevia market, the new business strategy of HOMR, and a joint venture agreement with West Africa Stevia Company and KOP Farms in Ghana. But, it seems as if after the promotion dried up, the stock fell and the company really needs to issue a statement about the matter.
Homie Recipes Inc (OTCMKTS:HOMR) promulgates itself as a development stage company that intends to stream videos and written recipes through a website. However, this latest news reinforces the idea that we are looking at an increasingly identifiable story in the stevia space.
According to company materials, “Our goal is to stream free recipes for ‘special’ homemade cuisines and food items. We intend to have recipes that are personal and have special meaning, on our website. What makes a recipe ‘special’ is the personal history or tradition behind it, for example, cookies made by someone’s mother on Christmas Eve, or a special pasta sauce prepared by their Grandmother made every Sunday when they were growing up, etc.”
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We told readers this one was buyer beware earlier this month and it looks like we were right.
The company had recently just approved a name change and was working towards something. Now, the stock is left to explain what happened amidst a story that already needed some polishing.
The company’s last release had to do with the corporate name change. Mr. Theodoros Kerasidis, President of HOMR and founder of wholly-owned subsidiary Stevva Ltd., stated, “Changing the name of our public company to totally reflect its new focus on stevia will be an important step to more precisely communicate our mission statement and business strategy to partners, shareholders, potential investors, and the media. I look forward to announcing our new company name as soon we receive the regulatory approvals.”
Kerasidis continued, “Stevia is the perfect crop to establish on our fertile farmland in Greece. Not only is stevia ideally suited to the climate and soil conditions in Pella Giannitsa, but it’s also in great demand for export around the world. We hope to work with many other local farmers to establish the region as a center for stevia production in Europe.”
Homie Recipes Inc (OTCMKTS:HOMR) now has a $6.9M market cap and 75.82M shares out. We warned readers that something might be fishy and now we need to wait and see how the company responds. Sign-up for continuing coverage on shares of $HOMR stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $HOMR, either long or short, and we have not been compensated for this article.
