Record volume and substantial increase in value marked the latest trading session InoLife Technologies Inc (PINK:INOL) took part in. As you already know, the session in question occurred yesterday.
INOL stock opened trade at $0.0013 and never looked back. When the session came to a close, INOL had already gained 25% in value, landing at $0.0015 per share. The turnover skyrocketed to a staggering 229.7 million. As it turned out later, this figure was large enough to constitute a new 52-week record for INOL, which also raised the daily average trading volume up to 30.3 million.
Since INOL has not been subject to any promotional programs recently, the only reason behind yesterday’s market behaviour is the acquisition news that popped up prior to yesterday’s session. According to the press release, INOL had acquired the A/S of Stemtide, Inc. The latter is known as a manufacturer of anti-aging products. The price of the transaction amounts to 50 million shares of INOL stock. In addition, INOL undertakes to give Stemtide 10% of the gross profits generated from the sale of these products.
For the record, the last time INOL announced an agreement, its stock went up 36%.
Inolife Technologies, Inc. focuses on developing a myriad of healthcare products and service solutions aimed at providing its customers with specific information about their overall health condition, including generic makeup, predisposition to diseases, etc.
The last time we covered INOL, the company had yet to file a recent report. As it is, a comprehensive 10-K annual report for the period ended Mar. 31, 2011 has already been published. The company’s unaudited balance sheet revealed the following data:
- $170K in cash;
- net worth of $620K;
- zero revenue;
- annual net loss of $1.43 million.
While INOL’s assets currently exceed its liabilities, the company continues to incur substantial losses, which means that it has yet to strike it lucky by acquiring a high-potential company from this industry field.