mostly negative price changes till yesterday, when it froze on a stand-by position. However, maybe not everything is lost yet.The company has probably decided to get the up move at last by promoting its stock. After the promotions last month, yesterday WCRM opened a new campaign and today the promotions continue involving different promoters. By now, the campaign cost $55.000 to FASSI, SA and another paying party, which however, was not revealed.
The only thing known, is that Green EnviroTech makes hard efforts to get the gain for yesterday the promotions were supported by some hot news. The company announced it has just closed a $5 million Equity Funding Facility with Centurion Private Equity, an institutional investor managed by Roswell Capital Partners, LLC. Pursuant to the Funding Facility, WCRM may periodically sell to Centurion shares of its common stock at a price based upon a 3% discount to the market price during the 30-month term of the agreement and at its discretion.
The positive news along with the statements for expanding the company’s operations give Green EnviroTech a great chance to get back on track. Yet, the next move of the stock is about to be seen any minute.
Green EnviroTech Corp. is a scale plastics recycling and recovery company engaged in removing and cleaning contaminants from recycled automotive vehicles. Just two months ago, the company traded at $1.15 per share, however, after that the stock price entered into a downtrend.[BANNER]
According to the company’s annual report, as of December 31, 2010 liabilities of WCRM were almost three times higher than its assets and the total stockholders’ deficit was close to $1 million. Along with the losses, the deficit accumulated during the development stage period went over $4 million.
The recent news for the facility funding gives some hope to investors, however, considering the fact that WCRM has not generated revenues since inception, incurring enormous losses instead, it is not certain what will be the company’s future.
