After the multiple losses, PGI Energy Inc (PINK:PGIE) got back on track. Yesterday, the stock soared 79% on the market and 
managed to trade over 37 million shares during the day.
Apparently, the only reasonable explanation on the phenomenal gain turns out to be the latest news about the company. The announcement came up yesterday, when PGI Energy reported it has entered into a Wood Pellet market development and supply partnership with EX-FACTORY INC., the North American distributor of the TECCON PELLET.TOWER. The news states that the partnership combines the wood and biomass processing expertise of EX-FACTORY with the project financing, logistics, and trading arms of PGI to successfully develop manufacturing facilities and bring product to market.
Being published, the news broke up the serial losses of PGI and the stock switched to progressive move at once. Is it the beginning of a new bullish trend for PGI or just a momentum, it’s just about to be seen. In any case, the stock has been in a downtrend since mid-February and obviously it is trying hard to climb up again.
PGI Energy, Inc. is focused on acquiring oil and gas, refinery, pipeline and other synergistic assets in order to establish an energy holding company. Over the past couple of months, it’s been mostly on low trade with a trading range between $0.00 – $0.01 per share.[BANNER]
In mid-May PGI filed both its annual and its quarterly report. Unfortunately, these two weren’t positive at all. The annual report pointed that the company had no revenues during the past two years, while its liabilities and accumulated deficit have been constantly increasing.
At first sight, the 10-Q report seemed a bit improved as there were some assets in it, however, liabilities still dominated, as well as the substantial deficit. Apparently, even the registered cash and cash on hand cannot cover the huge losses of PGI. Looks like the only thing left for the company is to keep existing on a going concern, hoping that its new partnership will be successful.
