Last Friday, INBH lost the next 1.47% of its price, while traded volume pointed 665 thousand shares for the day. Apparently, the huge volume jump has finally showed the investors’ discouragement by the stock.
A few days ago, Intelbahn announced its intention to purchase a Natural Gas Property in Kansas to build a natural gas production plant, which will feed into domestic natural gas wholesalers and suppliers.
According to the announcement, the company has appointed a new CEO and CFO to its Directors’ Board and was to change its name to UnionTown Energy Inc.
Although the news seem positive, traders keep dumping their shares and the new downtrend is quite possible to continue.[BANNER]
Intelbahn Inc (UnionTown Energy Inc) is an independent oil and gas company, whose focus is on the acquisition, development and production of oil and natural gas properties. Historically, the company used to trade much lower, though in September this year the stock entered an uptrend, reaching almost $1 per share. However, presently the price is moving down again.
According to its quarterly report, Intelbahn has not generated any revenue and gross profit, but has suffered an operating loss. The company has no cash and cash equivalents and its liabilities are approximately 138 times higher than the assets on its balance sheet.
Based on these poor financials and the current fall of INBH stock, investors should very carefully considers their investing opportunities.
