There are some companies traded on the OTC Markets which provide current information and keep investors in the loop. Explortex Energy Inc (PINK:EXPX) hadn’t been one of those for a while.
Yesterday was one of the very few days EXPX saw some action, albeit minuscule. The price dropped 7.02% to $0.53 on 22 thousand shares.
The company has released several PRs and has filed 8-K reports. Prior to those, the latest filing with the SEC is a late filing notification dating back to December, 2009.
All of a sudden, now the company shows signs of life and gets a paid promotion, and it’s not a cheap one either. The promoter discloses a $50 thousand compensation for a week of service.[BANNER]
While the promotional mail proclaims EXPX to be a “5 star power pick”, it also says “… do you due diligence…” And if you do that, you may find there is far too little solid information on the situation of the company.
As already mentioned, the latest financial report dates back to 2009. As a result, all investors have to go on are the 8-Ks about two working interest acquisition agreements.
That doesn’t mean EXPX won’t bring value to shareholders. If the projects work out well, gains could potentially be impressive. Additionally, the $50 thousand compensation is very likely to attract significant attention.
However, there is very little information at this point. Keeping in mind the company is paying $4 million of its common stock for the UHC Petroleum deal, and the lack of information on current share structure and financial state, EXPX may be a risky speculative play.
