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Can Surna Inc (OTCMKTS:SRNA) Break Out Of Its Trading Range?

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Surna Inc

Since last couple of weeks, the stock of Surna Inc (OTCMKTS:SRNA) is trading in a narrow range, and as of now there appears no catalyst which can help the stock to move out of this range, especially on the north side.

The buzz

Earlier in the first quarter financial report, Surna reported that in May 2017, the Board approved a three-year consulting deal between the firm and Stephen Keen, a major shareholder of the firm and an ex-officer and director. As per the consulting deal, Mr. Keen will offer them certain consulting services such as research and development, current product improvements and enhancements, new product innovations and design, and other technology developments with respect to company’s products and business in lieu for a yearly consulting fee of $30,000.

The consulting deal also comprises certain activity restrictions which restrict Keen from competing against Surna. In connection with the implementation of this consulting deal, Keen resigned from his role of director in May 2017. Keen’s employment with the firm became ineffective as of April 28, 2017.

In May, the Board also passed a three-year equipment, product testing and demonstration deal between Surna and Sterling Pharms, LLC, a firm managed by Keen, which runs a Colorado-regulated cannabis grow facility. Under this deal, the company has agreed to offer to Sterling certain lighting, air sanitation and environmental control equipment for application at the Sterling facility in lieu for a quarterly fee of $16,500.

Moreover, Sterling has agreed to permit Surna and its prospective and existing clients to have access to the mentioned Sterling facility for demo tours in a working setting, which the management consider will assist them in the sale of company’s products. Sterling has agreed to test, evaluate and monitor Surna’s products fitted at the Sterling facility as well as to collect data and offer feedback to company on the energy and operational efficacy and efficiency of the installed products.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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