LOS ANGELES, CA, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher" and the "Company"), a company which specializes in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies today announced that on December 11, 2017, it was made aware by OTC Markets of promotional activities surrounding the Company's common stock.
OTC Markets provided an example of the promotional material for reference. The activities in the example provided involved a promotional newsletter encouraging investors to place the Company's common stock on a watchlist and start researching. Although the statements pertaining to the Company’s operations were accurate, the party that disseminated this information surrounded such statements with promotional language. This promotional activity coincided with higher than average trading volume and fluctuations in the Company's stock price. The Company was unaware of the promotional activity until informed by OTC Markets, and is unaware of the full nature of the promotional activity, the extent of the newsletters' dissemination, or the responsible parties.
The Company immediately initiated an internal investigation into this matter and made inquiries of its executive officers, directors, controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities, of which there is one) and third-party service providers. In its investigation into this matter, the Company has made direct inquiries of its executive officers, directors, its controlling shareholders and its third-party service providers. Neither the Company, nor its executive officers, directors or, to the Company's knowledge, its controlling shareholders have been involved in any way with the creation or distribution of promotional materials including these email newsletters. Additionally, neither the Company's executive officers, directors nor, to the knowledge of the Company, any controlling shareholders or any third party service providers, sold or purchased any material or significant amount shares of common stock of the Company within the last 90 days. All activity in the Company’s common stock by the Company’s executive officers, directors and controlling shareholders have been disclosed by such officer, director in the Company’s periodic reports with the Securities and Exchange Commission (SEC). The Company has issued convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance. Each of these transactions have been fully disclosed in its periodic reports filed with the SEC and there have not been any transactions, which have not been disclosed. Presently, the Company has convertible notes outstanding with JSJ Investments Inc. in the principal amount of $50,000, Power Up Lending Group Ltd. in the principal amount of $80,000 and Eagle Equities, LLC in the principal amount of $50,000. Eagle Equities, LLC has submitted a conversion notice for the conversion of a portion of its note into 515,096 restricted common shares.
Since December 1, 2016, the Company has engaged Investors Ideas as its provider of public relations services, news distribution and social media outreach. The Company has made direct inquiries of Investor Ideas concerning whether they have directly or indirectly been involved in any way, including payment of a third party, with the creation or distribution of promotional materials related to the Company and its securities. Investor Ideas has advised that is has not been involved in any way with the aforementioned activity.
The Company routinely responds to inquiries from shareholders, potential investors, and investment analysts, and generates its own Company marketing materials. As such, the Company urges its shareholder base and followers to review the Company’s website and its filings with the SEC only. Any investor seeking to verify whether a publication was disseminated by the Company can email info@gopherprotocol.com
"The Company is not affiliated in any way with the authors of this promotional newsletter. The Company issues press releases in the regular course of business and includes in its filings with the SEC the business activities of the Company, and investors are encouraged to rely on the information provided directly by the Company. The Company is continuing to focus on its integration of its assets acquired on September 1, 2017, which have generated revenue of $4.6 million for the nine months ended September 30, 2017 as compared to $120,000 for the nine months ended September 30, 2016" said Greg Bauer, CEO of Gopher.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher” and the "Company") (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. The Company has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.