Genoil Inc. (CVE:GNO), (OTC:GNOLF) stock is on the crest of a surging wave again these days.
On the released by the company global plans for development, this time in the United Arab Emirates (U.A.E.), but as usually not accompanied by any filed with the SEC and SEDAR material interests, GNO entered the list of investors’ favorites.
After resolving the global problems of the oil spill this summer, on Thursday the company released its next global plan for more projects in the U.A.E. The news about the new formation “Genoil Emirates” caused a real GNO stock explosion.
On the day of the announcement, GNO jumped 39.29% up on a heavy volume. On Friday, almost fifteen average volumes turned over in bids for GNO stock on the TSX Venture Exchange. In addition, GNO hit a new 52-week high at $0.28 per share on a volume of more than 3.8 million shares changing hands.
In just two trading sessions, GNO stock gained 93% on news that were not supported by any SEDAR or SEC filings about any material changes or any significant material events.
This summer, the company’s oil spill update, also not followed by any SEDAR and SEC filings, was not able to make GNO securities get overbought. Now, at the end of the last week this happened with more powerful buying and more explosively than before.[BANNER]
Looks like investors’ optimism, some speculative mood and some stock marketing letters put the stock among the lucky picks of the day and were the major power behind GNO stock stir.
At the same time, the last financial report of the company is rather convincing that the explosion is again speculative. The company has no revenues, accumulated losses of more than C$71 million since inception and has only issued shares to meet its cash needs over the years, which is not the appropriate base to implement such global projects.
It is good that in its press release Genoil Inc. states that the purpose of the above mentioned new corporation is to create projects in the U.A.E. for all of Genoil’s technologies, and does not mention any plans to implement these projects.
