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ITOCO INC. (OTCMKTS:ITMC) Empowers Shareholders and Gives Them Stronger Voice; Talks about Soil Rescue Program in Africa

Ash K , , , ,

ITOCO INC. (OTCMKTS:ITMC) announced on October 14, 2022, about canceling the existing voting block of shares that allowed control of the company to be held by one individual. This move gives shareholders a more powerful voice regarding the future of the company.

Trading Data

On Monday, ITMC stock lost 33.57% to $0.0265 with more than 105.79K shares, compared to volume of 45.20K shares. The stock moved within a range of $0.0330 – 0.0330 after opening trade at $0.0330.

ITOCO Gives Shareholders Stronger Say in Company’s Future

CEO and President Michael Paul said this was long overdue, and now shareholders get the opportunity to give more input when it comes to their growth. As of now the agreement with Colorful Euphoria, Lda, the subsidiary based in Lisbon, Portugal, is being revised.  The revised agreement, expected to be completed by or before the end of this month, will provide more clarity to Colorful Euphoria’s role.

On August 30, 2022, the company announced via its Portuguese subsidiary, Colorful Euphoria, Lda, about commencing the introduction of its Soil Rescue Program, “SRP” into the Republic of Nigeria. SRP is all set to transform arid and semi-arid land into viable Nopal cactus farms – it will create a separate economy around the many products produced by the cactus, without needing constant water supply. The cactus will rehabilitate the previously barren land into fertile farmland to facilitate the planting of other crops, indigenous plants and trees.

Representatives of ITOCO went on a 7-day tour of the Republic of Nigeria, where the SRP was presented to numerous government agencies and departments including the Ministry of Finance, National Agency for the Great Green Wall for Nigeria, Chairman – House of Representatives Committee on Climate Change. Private companies were part of the presentation too, and showed keen interest in the Nopal cactus for biofuel, food products, feed for livestock and carbon credits.

Technical Data

ITMC stock is trading below the 20-Day and 50-Day Moving averages of $0.0478 and $0.0951 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1160.