volume was rising up significantly. Yesterday, IFXY price fell over 41%, and its volume hit over 20 million shares traded just for the day.Judging on these results, investors must be really disappointed by Infrax and started to dump their shares extremely fast.
Yesterday, the company filed its annual report, claiming that the management was pleased with its financial results and its working team. According to the announcement, IFXY has begun a new marketing campaign aimed at the Utility sector, including the launch of a new website and the development of branded collateral. However, the positive words haven’t been enough to push up the stock and it kept aiming at the bottom of the chart.[BANNER]
Some time ago, Infrax reported it has issued a significant number of Preferred Shares as part of an acquisition and a majority of these Preferred Shares have been converted into common. These shares are subject to a restriction period through a Lock Up and Leak Out Agreement. Per this agreement, shareholders must wait a minimum of 12 months before selling any shares and thereafter are limited to a sale of 1% monthly.
Infrax Systems offers a series of interrelated operational management, communications and grid security related products and services known as Secure Intelligent Energy Platform. In 2009, the company used to trade much higher, though this year the price has moved down.
Although IFXY stated it was satisfied with its financials, along with the improved revenue and working capital, the company’s expenses and net loss have also increased significantly.
According to its 10-K report, the management anticipates that “depending on market conditions and our plan of operations, we may incur operating losses” and “we may not be able to generate enough gross profit from our sales and services to cover our operating expenses. Consequently, there remains doubt about the Company’s future and sustained profitability”.
