After accumulating tons of liabilities and virtually no significant revenue China Nuvo Solar Energy, Inc. (PINK:CNUV) has taken a new direction; at least business-wise. With the recent acquisition of SurgLine, Inc., the Company has moved from clean energy to healthcare.
As the 8-K filed on Aug. 1 shows, the acquisition actually results in SurgLine’s CEO Tom Toland becoming the CEO and President of CNUV. That day CNUV gained 26.09% and closed at $0.0029, but yesterday it pulled 17.24% back and closed at $0.0024 with 2.6 million shares changing hands.[BANNER]
CNUV was featured in the PennyStockRumors newsletter yesterday. Apparently the promoter has chosen CNUV for its “New Sub Penny Monster”. The newsletter claims the company operates in the solar sector but fails to mention it hasn’t made a dime in revenue in the last year or so. At the same time CNUV has managed to pile up a little over $2 million in liabilities, all of which current.
The promoter goes on to describe the patent pending technology. Indeed if they ever manage to produce and commercialize the product they could get significant revenue. However, the recent developments would rather suggest the company is trying to implement a new business model after the failed attempt to acquire Freya Energy.
The fundamentals of CNUV currently seem shaky at best , but if the company is featured in other promotional newsletters today, the resulting massive promotion may lead to the spikes common for promoted OTC-traded stocks. Additionally, if the business model of SurgLine is indeed successful, shareholders may have the opportunity to make some money, at this time, however, there is no information about the financial situation of SurgLine.
