Iconic Brands, Inc. Comments on Recent Promotional and Trading Activities at Request of OTC Markets
AMITYVILLE, NY, Feb. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Iconic Brands, Inc. (OTCQB: ICNB) (“Iconic” or the “Company”), a lifestyle branding company in the alcohol and spirits sector, is providing comments on recent promotional activity pursuant to a request by the OTC Markets Group (“the OTC Markets”).
The Company first became aware of certain promotional activities through a notification from OTC Markets February 12, 2020, which included three (3) electronic newsletters (collectively, the “materials”) prepared by third parties; one of which was prepared and circulated by each of SmallCapFirm, AwesomeStocks.com, and StockWireNews, respectively. The Company was not aware of the materials prior to receiving copies from the OTC Markets.
Beginning in September of 2019, the Company has used IRTH Communications as its investor relations firm. IRTH’s role is to provide certain investor/public relations, internet development, communications and consulting services on the Company’s behalf. In addition, in January 2020, the Company engaged Wealth Engineering LLC to provide certain advertising services. IRTH, in connection with its engagement, engaged certain third parties that indirectly engaged the firms that prepared and issued the materials, and such firms disclosed the sums paid to them for the dissemination of these reports as in the materials. Neither the Company, IRTH nor Wealth Engineering LLC had notice of or editorial control over the content of the materials prior to their dissemination. The materials were unrelated to any work performed by Wealth Engineering.
The Company acknowledges that the distribution of the materials coincided with higher than average trading volume in the Company's common stock, however, the Company has no knowledge or opinion as to whether or not the materials themselves affected trading activity. Many other factors, including but not limited to recently issued press releases, could have had an impact on trading volume. Since January 1, 2020, the Company has issued a letter to Shareholders, has made presentations to investors about the Company’s operations and performance, announced the completion of an above market $1.5 million private placement offering of Series G convertible preferred stock, and has issued press releases regarding televised appearances, sales and events featuring its Bellissima Prosecco and Sparkling Wines, as well as the availability of its Hooters Spirits Premium line of products at Hooters corporate restaurants in 22 states. The Company believes that such presentations and announcements may have been a significant factor in the increase in the trading volume of its common stock.