When a one-off promotional email in support of Navstar Techs Inc (PINK:NVSR) reached our database shortly after the end of yesterday’s trading session, it promised ‘huge news after hours’. If the press release that followed on OTCmarkets.com is what they had in mind, it did not turn out to be so huge.
As it is, the shareholder update which popped up last night only served to tell traders the obvious, i.e that NVSR would use the recently acquired $4.2 million to continue developing its GPS tracking products and services. Anyway, if NVSR goes through the roof today, it will more or less be due to the one-day promotional campaign worth $2,500.
NVSR’s recent market performance has generally been on the decrease. Yesterday, in particular, NVSR stock lost 12% in value, closing at $0.151 on a volume of less than 20 thousand. A week ago, the company hit an all-time low of $0.10 per share.
Occupying the OTC Pink marketplace, Navstar Techs Inc has adopted an alternative reporting standard. On Nov. 14,, it published its third quarterly report for 2011. As of Sep. 30, NVSR’s financial state encompasses:
- cash reserves of $38K;
- negative working capital in excess of $900 thousand;
- quarterly net loss of $1.03 million.
In the light of these figures, the investment injection of $4.2 million acquired in California not long ago will definitely give managers a breath of fresh air, as long as they use the money wisely and bring their GPS tracking products and services to successful completion.
