Garmatex Holdings Ltd (OTCMKTS: GRMX) extended its spectacular rise in 2017, after it filed an SEC Form 8-K and Form 10-Q. The stock has been up over 125% and returned nearly 15% in one day recently. Additionally, Garmatex Holdings Ltd has been significantly outperforming the industrial metals and mineral industry.
Garmatex Holdings Ltd is a publicly-traded company that is an innovative developer and supplier of scientifically-engineered fabric technologies. The company’s mission is to provide new fabric and design solutions for the everyday problems of the growing global consumer market. Garmatex Holdings has patented technology, and its fabrics are optimized for user performance and are used in various apparel categories.
Garmatex Holdings Ltd (OTCMKTS: GRMX) recently entered into a material definitive agreement. Now, in the company’s Form 8-K, it stated, “We entered into and executed a non-exclusive Sublicense Agreement … and the Garmatex Trademark & Technology License Agreement … (collectively, “Master Sublicense Agreement”) with Garmatex Technologies, Inc. a company formed under the laws of the Province of British Columbia, Canada (“GTBC”) whereby we were granted various Intellectual Property Rights related to the design, development and manufacturing of various scientifically-engineered fabric technologies and performance technologies; including a patented T3® design, Bact-Out®, CoolSkin®, WarmSkin®, Kottinu™, ColdSkin™, SteelSkin™, Satinu™, CamoSkin™, RecoverySkin™, SlimSkin™, AbsorbSkin™ and IceSkin™ (collectively the foregoing are referred to hereinafter as the “Products”).”
That said, this new sublicense agreement was one of the main catalysts that may have moved the stock recently. Additionally, this agreement could propel GRMX shares even higher.
Moreover, the Form 8-K went on to state, “In exchange, we agreed to the following terms and conditions: (i) the Parties shall enter into Amendment No. 1 to the Arrangement Agreement, pursuant to which, among other things, the term “Termination Date” will be amended to mean May 31, 2017, or such later date as may be mutually agreed to in writing by the Parties; and (ii) we agreed to cancel various loans made pursuant to a Loan Agreement between us and GTBC in the aggregate amount of $953,988.00CDN.In exchange, we agreed to the following terms and conditions: (i) the Parties shall enter into Amendment No. 1 to the Arrangement Agreement, pursuant to which, among other things, the term “Termination Date” will be amended to mean May 31, 2017, or such later date as may be mutually agreed to in writing by the Parties; and (ii) we agreed to cancel various loans made pursuant to a Loan Agreement between us and GTBC in the aggregate amount of $953,988.00CDN.”
The company also filed its SEC Form 10-Q for Q3 2017. In the company’s unaudited financial statements, it had total operating income of $4,053, an increase from its operating loss of $10,759 in the third quarter during its last fiscal year. Consequently, the Garmatex Holdings Ltd’s unaudited consolidated of operations noted it had a net income of $11,414 during the 3Q of its 2017 fiscal year, compared to a net loss of $11,361 during the third quarter in the previous fiscal year. That said, the company showed its ability to turn a profit, which could indicate the stock may continue to run higher.
Moreover, Garmatex Holdings CEO Devon Loosdrecht stated, “Our mission is to fully leverage the revolutionary Garmatex performance fabric technologies to develop innovative solutions across all markets…To accomplish this far-reaching mission, our primary strategy will be to position our intelligent performance fabrics as a premium ingredient brand for use by select manufacturers across the world, just as Gore-Tex® has done within the same market. Our opportunity seems even greater than that when you factor in the number of unique performance fabrics that Garmatex has developed.”
GRMX had a few recent developments that could push the stock higher. The company nearly doubled not too long ago, and you might want to keep this stock on your radar. However, if you don’t want to sit on your computer all day and constantly check for developing news in GRMX, all you have to do is enter your email below. It’s simple, and best of all, Street Register will keep you up to date on GRMX stock for free.