Car Charging Group, Inc. (OTC:CCGI) was promoted six days ago. Yet, the promotional movie reran yesterday when the promoter practically resent the newsletters to investors’ emails.
When the first batch of promotional emails in support of CCGI stock first reached its target customers on Dec. 15, it had a two-pronged effect on CCGI. On the one hand, it allowed for a investor interest as more than 7 thousand shares changed hands. On the other hand, however, it drove its stock price down by more than 10% to $1.61 per share.
When the second round of promotional emails reached its final destination yesterday, CCGI took a moderate step up. Gaining 4% in value, CCGI closed trading at $1.82 on a minuscule volume of 1,137 shares. Third parties have paid at least $2,500 for the campaign. As it seems, however, the latter has so far done little to justify their move.
What also happened yesterday was the publication of CCGI’s newest official press release. According to the latter, the company, which specializes in providing electric vehicle (EV) charging services, has now gone into partnership with NYSE-listed Federal Realty Investment Trust. As stipulated in the agreement, CCGI has gained the right to install a great many EV charging stations in Federal Realty’s retail assets located nationwide. Needless to say, this move could provide potential benefits to both parties as the role of electric cars in everyday life is bound to increase in the short term.
As seen in CCGI’s latest quarterly report, the company has the following assets and liabilities as of Sept. 30, 2011:
- cash reserves of $28K;
- $214K in current assets vs. $419K in current liabilities;
- $981 in revenues and net quarterly loss of $1.57 million.
In the light of the numbers mentioned above, one thing is clear and simple. Yesterday’s corporate news must provide financial benefits to CCGI as soon as possible. Otherwise, the company will definitely have trouble financing its business operations.
