The new promotion for IFXY yesterday made the stock break the $0.006 resistance, but the closing price was then only 13.04% higher than on Wednesday. IFXY closed then the market at $0.0052 on above the average trading volume of 10.28 million shares. In support of the action were two promotional e-mails from one and the same stock promoter, who got the modest compensation of $2,500 for the stock advertising.
The gap up that formed at market open, however, was most probably due to the latest press release of Infrax Systems, issued after market close the day before. It said that IFXY “wireless broadband infrastructure designed to enhance security and communication measures on the Island of Bermuda, has been delivered and deployment is under way.” The installation is to be made in three phases and according to Randy Guerette, senior wireless systems engineer for Decisions IT, the project should be completed on time.
At the same time, the company’s financial results do not give much hope that IFXY could soon see its business developed and stop the recurring losses that it has suffered since its inception. At the end of December 2010, the working capital shortage was in excess of $1.6 million and the sales for that last quarter shrunk by more than 86% from the previous quarter.
The management of Infrax Systems is currently pursuing mergers or acquisitions with other companies in order to grow the business, but so far Infrax still relies only on the uncertain potential of its recently acquired technology.
