Yesterday Nuvilex Inc (PINK:NVLX) issued a press release with some encouraging news. The market, however, didn’t take to it too well, and the price dropped slightly.
The PR came out a little after 2 pm. It didn’t manage to push the price up by much, and most of the volume was actually generated on the dips at $0.053. In the end, NVLX closed 5.26% down at $0.054 with 1.4 million shares traded.[BANNER]
The PR stated a number of potential partners had initiated and developed contacts with NVLX and the recently acquired SG Austria at BIO Convention 2011. The potential partners aren’t named in the PR, and there aren’t too many details for the current situation.
The announcement was in the spotlight of the promotional mail that The Green Baron sent out yesterday. The promoter reaffirmed its position that NVLX is its “Stock Pick of the Year”. That, however, probably has something to do with the 2 million restricted shares and the additional $10 thousand per month that The Green Baron receives as a compensation for its services.
The end of the fiscal year for NVLX is Apr. 30, but for now the company hasn’t filed it’s annual report. While potential partners and interest can prove to be good, actual partners and orders are better. At this point, NVLX may need something more than rosy expectations to continue its run up.
