Another STOP-sign bearer has stepped into the spotlight. Yesterday, Global General Technologies Inc (PINK:GLGT) went down 15%, delivering a third negative performance in a row. Thus, GLGT stock reached its early-April level of $0.0011 on a volume of 16.4 million, slightly above the daily average volume of 11 million.
Although GLGT has hardly been following a transparent financial policy, it has issued news every once in a while. In addition, GLGT stock appears to have become a promoters’ favourite given the large number of recent advertising campaigns. Now, interested parties have launched brand-new trade alerts to raise awareness about GLGT stock once again.
The non-paid promotional program mentioned above comes in parallel with a fresh corporate update. The latter revealed a JV between GLGT and three Chinese enterprises. As it is, by entering into the JV GLGT intends to specialize in developing a novel biotech drug, aimed at treating rabies, i.e the most widely spread infectious disease in the world’s two most populated countries.
While the undertaking seems like a commercially viable one, how exactly GLGT will finance it is shrouded in mystery. Two weeks ago, the company provided some financial data about its operations in 2010. The document only shows revenues of $1.8 billion and profits of $480 thousand. Yet, no other financial data has been submitted, which makes it very difficult to draw a complete picture of the actual financial health of GLGT.
The China-based JV has every chance of proving successful for GLGT, as long as it has the financial capacity to maintain its operations. Since the information provided is not enough, GLGT stockholders currently have no other choice but hope that the numbers mentioned above exceed the company’s unmentioned liabilities.
