Bioflamex Corp. (OTC:BFLX) is a fire services company with a highly illiquid stock. That’s why yesterday’s volume probably came as a surprise for traders.
Out of the blue, BFLX started trading actively in the afternoon. In about an hour and a half, 940 thousand shares changed hands. The price, however, dropped 37.50% to $0.15 per share.
While there was nothing in the way of news, filings or promotions to start the trading, after the volume high BFLX issued a press release.[BANNER]
The company announced it was in the final stages of negotiations with a potential agent for China, India and Pakistan. This could be viewed as good news, although it is actually nothing definitive.
The company definitely needs to get things going. The latest quarterly of BFLX showed:
- $10,276 total current assets
- $89,556 total current liabilities
- $0 revenue
- $49,001 net loss
Nothing too scary for a development-stage company, but hardly supporting a valuation of nearly $14 million. Keeping this in mind, it will be interesting to see how BFLX performs today.
