Priority Aviation Inc (OTCMKTS:PJET) Set To Fly Higher

Today, we are presenting a new stock that has moved a lot on heavy volume recently. It is called Priority Aviation Inc (OTCMKTS:PJET) and has drew the attention of the market after its acquisition of Telluride Health Company.Our regular readers know very well that volume is one of the best indicators of market interest. We always check this statistic. In this case, more than 400 million shares changed hands some days in October. Have a look: 4 years chart for PJETBusinessPJET was formed in Nevada on March 25, 1999. Initially, it was named Thoroughbred Interests, Inc., but as a result of several transactions and merger agreements, the name was changed several times.

• On May 18, 2004, the company changed its name to Phoenix Interests, Inc.
• On July 14, 2009, the company changed its name to NuMobile, Inc.
• Finally, on December 27, 2013, the company changed its name to Priority Aviation, Inc. as a result of a merger agreement.

What's the business profile right now? Company LogoAccording to the company materials, Priority Aviation offers "premier class private jet charter service worldwide." It selects the "safest and most reliable jets available in the industry."How is Priority Aviation able to deliver such distinct services? The company is said to own a powerful technology. Here is what's mentioned in the last annual report:

"By making use of technological innovations our charter department operates 24 hours a day, 7 days a week. With access to thousands of pre-screened aircraft and highly trained flight crews, flight access can be arranged with as little as 4 hours' notice" Source

The company's headquarters is in New York.Recent DevelopmentsOn August 14, 2017, the company published its most recent quarterly report. We believe that it is interesting to note the most significant financial accounts in this article. Have a look at them and note the amount of cash sitting on the balance sheet for the period ended June 30, 2017:

• Cash and cash equivalents: $0.5 million
• Total current assets: $0.7 million
• Derivative liability: $6 million

Now, let's move to the most significant news. It is a game changer.On October 12, 2017, the company noted the acquisition of Telluride Health Company. The market reacted to the news by increasing the amount of shares bought and sold, which, we believe, is quite interesting. We believe that market awareness increased, which is usually very good in the long term.What was so significant?The company communicated that a strategic directional change was going to occur. The business model is going to change and many new executives are coming on board. Have a look:

"In conjunction with the acquisition of Telluride Health Company, Priority Aviation is exiting the private jet charter service industry with the disposition of its subsidiary Priority One Jets, Inc. Yasmine Acebo, a Telluride Health Company Founder, comes on board as the new Priority Aviation Chief Executive Officer replacing Peter Minikes who resigned as CEO and board member. Mr. Minikes exercised his option under his employment agreement to acquire Priority One Jets. Replacing Mr. Minikes on the board of directors is Ms. Acebo and Randell Torno." Source

What do we know about Telluride?Very little. According to the press release, it was founded by young cannabis entrepreneurs. They are said to have identified "an untapped sector of the market."Additionally, we will need to be alert, as they anticipate "announcing their first unique product for this untapped sector of the overall cannabis market." ConclusionCurrently trading with a market cap of $0.7 million, PJET is an interesting story among small caps. We believe that entering the cannabis sector is a smart strategic move. Cannabis stocks have been delivering strong returns to shareholders. PJET looks to boost shareholder value by capturing its share of the market.We will be updating our subscribers as soon as we know more. For the latest updates on PJET, sign up below!Image courtesy of SjPhotoworld via FlickrDisclosure: We have no position in PJET and have not been compensated for this article.