The final outcome of the one-week promoting cannot be called really favorable as LBGE dropped 25.74% down on Friday and closed the market at $0.075. The trading volume was the highest ever with 3.78 millions shares traded and the share price tanked during the session to 0.06, or only one cent above the 52-week low.
Last Thursday, Laufer Bridge announced in its latest press release the official launch of its Cenergy brand of sports nutrition supplements. The PR sounded pretty general, describing only five lines of products that the company plans to develop and not containing any details about the manufacturing or financing conditions. Moreover, the latest SEC filing of the company is a 10-K form, but it contains only old selected financial data for the period ended September 2009. It looks like at that time Laufer operated as a bridge club, having three times more liabilities than assets and twice more expenses than revenues.
The new business idea came in July last year through the acquisition of Creative Edge Nutrition, Inc., a company without any operations, and was paid entirely with Laufer shares of common stock. The financial condition of the new company is not known, only part of its share structure. Almost 64% of LBGE outstanding shares of common stock are held by the new members of the Board of Directors (former Creative Edge shareholders) and an officer of the company.
Another known fact are the promotions for LBGE shares last week, which look like the main reason for the suddenly increased trading interest. The investor awareness campaign that began on Monday was compensated with $50,000 for one week (total compensation is expected to be $69,000), and the two latest promoters from Friday got respectively $22,000 and $25,000 in cash paid by a third party.
