When Premier Alliance Group, Inc. (OTC:PIMO) published its annual report for the 2011 fiscal year last Friday, its stock ended up losing 17% in the subsequent market session. As soon as the company announced it had secured a contract, however, PIMO shot up 20% almost immediately, backed up by a new promotion in the meantime.
PIMO edged up 20.99% yesterday after the provider of business technology advisory and consulting services announced to have secured a contract to implement Southern California Edisons’ (SCE) Automated Demand Response (Auto-DR) program for the city of West Covina.
The news was quickly embraced by promoter SmallCap Network who wasted no time sending a promotional email about PIMO in the middle of yesterday’s session, taking good care of the $10,000 received as compensation.
According to its latest 10-K report, PIMO closed the fiscal year ended Dec. 31, 2011 with:
- cash reserves in excess of $3 million, up 660% on an annual basis;
- net working capital of approximately $4.4 million vs $0.62 million a/o Dec. 31, 2010;
- net revenue of $17.9 million and annual net income of $180 thousand.
