the market to close at 0.40 per share. It looks like even the promotions cannot pump up CELO enough to hold the up move a bit longer.According to the records, the stock has just been promoted by Wise Alerts LLC, who was compensated $10.000 for one week of services regarding CELO by a third party. The alerts suggested investors should put the stock on their watch-list as an opportunity to benefit greatly. Though, currently CELO is still trading around its 52-week low and keeps moving down.
Ceelox has not released much news on its business these days, apart from its annual results, which however, don’t look promising at all. In fact, for the year ended December 31, 2010 the company registered an operating loss that exceeded $2 million, or 19% higher than the year before. Besides, the working capital deficit jumped up notably, while the revenues have decreased.
Most probably, being published the annual results of CELO disappointed traders and the stock price declined. However, the most discouraging fact in the 10-K was the statement that, due to the huge losses during the past year, Ceelox will not be able to implement its business plan unless it raises additional capital or sells additional equity and/or debt. In this case, it is not certain whether promotions would be enough to attract investors.[BANNER]
Ceelox Inc. designs, develops and markets biometrics security and email encryption solutions to financial institutions, health-care, government agencies and multiple vertical companies. Last September, the company formally changed its name from Nicaragua Rising Inc. to Ceelox Inc., and got a new ticker symbol, to fit better to its business activities.
Based on the company’s increasing accumulated and stockholder deficit, along with huge losses, the continuation of Ceelox is dependent upon a number of factors and additional funds, which however, are yet not ensured.
