volume jumped over 7 million shares.Nobody could find the reason for the sudden fall, as APRM had positive price changes during the previous days. Probably, something has disappointed investors and they started giving up their shares.
American Pacific Rim Commerce Group is a development stage company marketing “Made in the USA” products and services manufactured by U.S. Small and Medium Size Businesses to consumers in Hong Kong and China through its proprietary e-commerce platform.
The company’s operations have been unknown over the whole September and the latest news about APRM came up a couple of days ago. Though not officially confirmed, the announcement reported that American Pacific expected a net income of over $12 million from operations for its fiscal year ending Nov 30, 2011 and about $20 million for 2012.[BANNER]
However, the great projections weren’t enough to pump up APRM stock price and it couldn’t move up.
The last news on the company’s website was published on Oct 12, when American Pacific announced the debut of its new corporate website, including a flash presentation of its proprietary e-commerce platform mymyj.com. A few days after that, another announcement was posted on otcmarkets.com, stating that American Pacific Rim Commerce Group has reported some management board changes, made “in the best interest of the Company and its Shareholders”.
According to its financial report, by end-May APRM has registered a net loss of over $312 thousand and not enough cash to cover it. As a development stage company, American Pacific has no current source of revenues and its activities to date have been supported by equity financings. An attorney letter filed in July reported that the total issued and outstanding shares of APRM’s common stock totaled over 64 million.
Thus, based on the huge losses APRM has sustained, “Without realization of additional capital, it would be unlikely for the Company to continue as a going concern”.
