Yesterday, Green Earth Techs Inc (OTC:GETG) published its third official PR for the month of June.
As a result, GETG stock surged 14%, clocking in at a three-week high of $0.325 per share. The positive price movement occurred on a extraordinary volume spike, too. By the end of the session, traders had shifted almost 289 thousand shares of GETG stock, setting a 4.5-month record, as well as a four-fold improvement over the daily average trading volume.
In brief, GETG closed last month with some fairly encouraging news to its stockholders. As it is, the company has now ensured the distribution of its complete “G”-product range of automotive appearance products in 52 sites within the Tri-State area. As far as its flagship product – the G-OIL motor oil – is concerned, it will be made available in 24 New Jersey-based sites of Strauss Auto. The latter specializes in offering automotive consumers a wide variety of aftermarket products.
As suggested by its name, Green Earth Technologies produces G-branded products, i.e “green” eco-friendly consumer package goods and products. The company mixes American-grown base oils with the power of nanotechnology in order to come up with novel solutions of top-notch quality.
Being an OTCQB market player, GETG has stuck to a transparent policy with regard to its financials. Furthermore, it has registered with the SEC and has since submitted standardized reports on a regular basis. The company’s most recently filed report is a 10-Q form covering the first calendar quarter of 2011. As of Mar. 31, GETG has:
- $1.59 million in cash;
- negative working capital of $1.5 million as compared to a capital surplus of $0.38 million a/o Jun. 30, 2010;
- $2.58 million in net sales and a quarterly net loss of $4.03 million;
While GETG appears to dispose of a great many final products on the market, it has yet to start generating real profits if managers want to continue running the company as a going concern.
