Jetblack Corp. (JTBK) Issues Corporate Update

Jetblack Corp. (JTBK) today issues an update to the company operations. Currently JTBK management has struggled to find a broker-dealer that will accept the company stock from shareholders. At the moment the policy among the discount brokers, such as Etrade, Interactive Brokers, and TD Ameritrade, which is they allow the buying and selling of JTBK stock on their platforms. They do no allow the transfers of JTBK stock to a clients’ securities account. The brokers are not allowing the transfer from transfer agent or even a transfer from another brokerage account. This practice is shutting out the current shareholders, affiliates and non-affiliates from being able to deposit stock and obtain a return on investment. This also creates an unfair market for our stock.

The company feels this is very unfair amongst other things. If a public company can not have its shareholders deposit stock and obtain a return on investment, then there is no reason to be publicly traded. The company burdens significant expenses staying public. The company has reached out to many broker dealers, that are not discount brokers, listed as a service provider on OTC Markets. None are wiling to accept JTBK deposits, we have been told they will only work with institutional investors who have more than one company stock to sell if it’s not on a national exchange such as NYSE or Nasdaq. We have been also told they will only accept institutional investors with a minimum commission of $25,000 monthly. They are not accepting “one-off” clients as they state. This practice is essentially shutting out the employees, officers, affiliate and non-affiliate shareholders from obtaining a return on investment. This also shuts out employees from being reimbursed for services. Oddly, the discount brokers do allow the retail trading of the stock, buying and selling, without any disclosure to the retail investor that the affiliate and non-affiliate shareholders along with employees of the company are not allowed to sell their stock through the same platform. Which in theory almost definitely would lead to a loss for the retail investor since the company can not finance through equity, retain employees, and ultimately be successful. 

This creates a practice where the once restricted shareholders who have waited years to sell stock along with employees who are paid in stock are not able to sell/offer stock in the market.  This creates a quote driven market where the only entities selling stock is a market maker. We are unaware of any stock sitting at a brokerage, so the company is unsure how the stock is sold or shorted. The understanding of the company is a seller must be able to locate the stock to borrow to sell short. This creates losses for the retail trader because the bid and ask are not realistic. This creates illiquidity, which is ultimately controlled by the market maker. Liquidity is sometimes needed for clearing firms or deposits. 

“We are having a hard time justifying paying fees to OTC Markets to stay current, since the stock can’t be deposited. We are having a hard time justifying the audit we payed for in the past, the accounting fees, the attorney fees etc. The company is not able to accept any capital in from investors until the company is certain an investor will be able to deposit the stock for resale after the restrictions have expired. In my personal opinion it would be fraudulent behavior for myself as Chairman and CEO to accept capital from investors knowing they might not be able to obtain a return. We have been told by the brokers it doesn’t matter if we are PINK, QB etc. We have been told the clearing firms have different policies which is shutting out penny stocks and/or micro cap stocks.”

Because the company has not been able to locate a broker dealer to deposit stock, along with issues in the past with our previous transfer agent refusing to cooperate. We have not been able to execute on any of our directives. We have since changed Transfer Agents to Pacific Stock Transfer Company who is communicating well and cooperative with the company, which is a positive development. But our willing investors have dropped out due to the uncertainty they will ever be able to deposit stock and obtain a ROI. 

Currently the company is in the development stage of a wellness product but without the ability to finance through equity, the companies future is very uncertain. The company also was in the process of transferring a marijuana producers license in Oregon, that is in limbo. 

For clarification the company has never “touched the plant”, we have only applied for a transfer  of licenses in the past. We have been told until federal laws change, touching the plant will make a deposit for us almost impossible. 

Disclaimer:

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward- looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties include market risks associated with our business, the inability to raise enough capital to complete our business, economic conditions and increasing competition. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The loss of key employees would be detrimental to the company success. Currently there is no broker willing to accept transfer of our stock but do allow the buying and selling on their platform. This is not disclosed by the brokers. This has created an illiquid quote driven, not order driven market.