IFXY closed yesterday at $0.0052 and got a modest increase of 1.96% in the share price, the volume was also almost ignorable with 2.47 million traded share. Last week’s promotion set the resistance now at $0.006 and there is downside support as well as the share price is currently above the middle of the trading range. Thus, technically IFXY could see another huge bounce in terms of percentage gain as the low price suggests, also speaking for that is the much higher budget of the new promotion.
Promoter LiquidTycoon has been compensated by a third party $35,000 for a one-day investor awareness marketing program. Today, the promotion will be also backed up by the effects of a news release from Infrax Systems, issued after market close yesterday. IFXY statement that it has expanded its product base through a new upgradeable WiMAX/LTE base station could sound exciting only when considered independent from the current state of Infrax Systems business.
The company is still in the development stage, it has no cash to continue the development and is losing money each quarter. In addition to that, the existent funding agreement can be highly dilutive for IFXY shareholders. The company has a Bridge Loan Agreement, under which it may be advanced up to $500,000. The lenders have the right, at their option, to convert any amounts due plus interest into shares of common stock at a conversion price equal to 50% of the closing bid price at the date of conversion request.
