One of the most active gainers on the bulletin board today was Getting Ready Corporation (OTCBB: GTRY). The stock exploded today with a gain of $1.51 per share to $2.31 on very heavy volume.
The company announced today that Dr. Phillip Frost, former chairman and chief executive of Ivax Corporation, together with other investors, purchased 51% of Getting Ready’s common stock.
The company’s chief executive Glenn L. Halpryn is also a new face around the office. Glenn L. Halpryn and Steven Jerry Glauser assembled a group of investors who purchased about 89 percent of the outstanding shares of Getting Ready in December 2006. The total consideration paid for the purchase of the shares was $1,335,405. Getting Ready’s market capitalization is about $21 million.
Halpryn and Dr. Frost have crossed paths before Getting Ready. They were both significant shareholders of Orthodontix Inc., now known as Protalix BioTherapeutics Inc. (AMEX: PLX). Halpryn was chairman and chief executive of Orthodontix, which merged with Protalix – an Israeli biotechnology firm – in December 2006.
In February 2007, the company reported first quarter results for the period ended December 31, 2006. The net loss for the first quarter was approximately $80 thousand or 1 cent per share compared with a net loss of approximately $69 thousand or 1 cent per share for the period ending December 31, 2005. Getting Ready does not expect to generate operating revenues or income until such time as they effect a business combination with an operating company.
Getting Ready is a public shell company. It intends to effect a merger, acquisition, or other business combination with an operating company by using a combination of common stock, cash on hand, or other funding sources. The company was founded in 2002 and is based in Miami, Florida.