When Sustainable Environmental Tech Corp. (PINK:SETS) last published an official press release ten days ago, its stock soared by 20%. However, it was during the last trading session that SETS stock made a real breakthrough.
Yesterday, SETS recorded its sixth consecutive session without losing a single cent in value. Rather, it gained 12%, thus landing up in a 52-week high of $0.154 per share. What is more, the price managed to endure an unusually high volume in excess of 1 million shares, which had not occurred since early-May.
The positive market development for SETS might be due to the fact that it has only recently been upgraded to the OTCQB market tier (although this change has yet to reflect in the company’s ticker symbol). Besides, the company’s chart performance for the last 52 weeks unequivocally indicates a favourable pattern as both the MA50 and the MA200 have for the most part been following an uptrend.
Previously known as RG Global Lifestyles, Sustainable Environmental Tech Corp. specializes in providing treatment, recovery, reclamation and re-injection services for produced water. In addition, SETS aims to offer sustainable energy solutions to its customers throughout the United States. For this purpose, the company recently acquired Pro Water, LLC and its Blue Bench Deep Injection Well, which, according to SETS management, provides produced water treatment and is able to solve environmental issues at a reduced cost.
As seen in the latest 10-Q form, the company finished the quarter ended Jun. 30, 2011 with:
- cash reserves of $315K;
- current assets of approx. $794 thousand vs. current liabilities in excess of $2 million;
- quarterly revenue of $1.24 million and net income of $319 thousand.
In a nutshell, Q2 of 2011 is the fourth consecutive quarter of growing revenue and the second quarter in a row which SETS has been in the black as far as its net result is concerned.
