Sincerity Applied Materials Holdings (OTC: SINC) Stock Pulls Back After The News
Following a significant announcement from the company yesterday, the Sincerity Applied Materials Holdings Corp (OTC: SINC) stock could come on to the radars of investors this morning. Hence, it may be a good move to take a closer look at the announcement before the start of the trading day.
Relationship Termination with Stevia Corp Chairman
The company announced yesterday that it had terminated its relationship with the Chairman of Stevia Corp Kenneth Maciora. In the news release, Sincerity Applied Materials noted that it made the decision after a number of instances of broken promises and fraudulent acts that caused financial harm.
Those acts also misled the company, Sincerity Applied Materials claimed. The company went on to state that it had also filed complaints against Maciora with the OTC Markets as well as the Securities and Exchange Commission. It was noted that the supposed deceptive actions had been enumerated in the complaints.
Further Information
It was revealed that in April this year Maciora had approached the company and promised large bid support so as to stabilize and boost the stock performance of Sincerity Applied Materials. In the news release, the company noted down the instances in which it believed it had been exploited.
Statement from SINC CEO Yiwen Zhang
We engaged Kenneth Maciora during a critical time for SINC, acting in the best interests of our shareholders and trusting his promises of significant support. He presented himself as a credible and resourceful partner, even leveraging a legitimate institution like Southridge to gain our trust. However, his actions have proven to be nothing but calculated deceit. SINC is committed to holding him accountable and ensuring no other company falls victim to his schemes.
