FOFU jumped 23% up and closed at $0.16 for a share on a trading volume of about 270,300 shares. The stock has been mentioned in a promotional e-mail yesterday, presented as a big energy play. Unfortunately, the big volume action happened too quickly right at market open, and those who followed that promoter’s recommendation were maybe not the big winners of the day. A third-party paid $2,500 for the one-day coverage.
FOFU share price has been going down since May last year, and the latest news about the company could not change the market attitude for a long time. Yesterday, the company filed to the SEC that Oscar Luppi has resigned from his positions in the company and that Thomas Hemingway will now take over. Mr. Hemingway is a Director of the company and has already served as its CEO and CFO a couple of years ago. He also serves as President and CEO of an investment banking trust, and used to serve up to February this year as a Director in a financial media company.
No experience in the field of oil and gas sector has been mentioned, apart from that with Force Fuels. Which still does not mean that the old/new CEO could now use his second chance and launch a bright plan to take Force Fuels out of the misery. At the end of January this year, FOFU had $3,000 in cash and the costs exceeded half a million in the past quarter. Current liabilities grew to $2.44 million.
