Where are the financials? A simple question, yet very important when considering My Freightworld Technologies,Inc.(PINK:MYFT). A number of good press releases and promotions came out recently, and more and more traders are starting the due diligence. After all, even if MYFT presents a contract for vendor services for Microsoft, Google, Exxon and Bank of America, it is still a pink sheet company, which is why there is a lot of homework to be done before going to the market. 
So what is there and what is not? Naturally, the good news is all over the place. Press releases by the company, followed by copy-paste actions in forums and blogs, accompanied by promotions during the week and the weekend. It seems, however, that the real impact on the market from the above is still to take place. Last week, the daily sessions were not really intense, so the price accumulate did not accumulate much value, closing at $0.04 on Friday.
This Monday, however, it will be no surprise if trading frenzy hits MYFT. The news is just too good to be ignored. The company has just been awarded a contract by Schneider Nationals – a multi-billion dollar corporation. My Freightworld announced that it expects to generate $25 million of managed revenues this year, based on contracts for a total of $60 million of projected revenues for 2011. [BANNER]
It is interesting to mention that the above number($60 million) can be found in a company’s announcement from last December, when there was no contract with Schneider for the additional $25 million of projected revenues. So, the question from then applies till the present time – will it happen?
The track record of the company’s CEO might suggest that it is possible. Mr. Michael Head did run other companies previously, which turned out very well over time. The real problem with MYFT, however, is transparency. The last 10-Q statement dates back to Sep. 2010, six months later there is nothing after it. And traders need some basis, on which to compare projected results with current and past results.
Therefore, a hard task lies in the hands of Mr. Head – to reverse a pink sheet company to a fully audited and timely reporting structure. If this happens over time, then promoters would be right – this is an undervalued company soon to explode.
If, on the other hand, bright announcements continue to coexist with an overall state of uncertainty, then it would be a hard task to predict where the stock would be after 24 hours. On a related subject, while My Freightworld is boasting with the contract with Schneider, it might be high time to show a signed document for it, since Schneider officials have not confirmed such a relationship up-to-date.
