China Nuvo Solar Energy, Inc. (PINK:SGLN) has just been renamed. Effective from Friday, Jan. 27, the company’s new name is SurgLine International, Inc. That is why, from this moment on, instead of CNUV, the company’s stock will be traded under the new ticker symbol, namely SGLN. By coincidence or not, this shift found a major echo on the stock market as SGLN recorded one of its best performances ever.
Last Friday, SGLN soared by a staggering 70% to a 10-week high of $0.0022 per share. Due to increased investor interest, SGLN shifted more than 40.67 million shares of common stock that day, which is nearly 7 times higher than the daily average trading volume.
As it seems, the news about the company’s recent restructuring has added a new sense of optimism on the stock market. According to CEO Thomas Toland, the name change was intended to provide a more accurate description of the company’s core business. In accordance with the new organizational structure, SurgLine International, Inc. has now become a holding company with two wholly-owned operating subsidiaries – SurgLine, Inc. and Nuvo Solar Energy, Inc. The former is a distributor of high-quality medical and surgical products, while the latter pretends to have developed a novel photovoltaic technology whose patent application has already been submitted.
The company’s most recent financial report encompasses the three-month period ended Oct. 31, 2011. The document disclosed the following figures among others:
- approx. $10K in cash;
- $113K of current assets vs. $1.6M in current liabilities;
- $75K in revenue and a net quarterly loss in excess of $1.8M.
Needless to say, SGLN has inherited a pretty bad financial situation. Whether or not its managers will succeed in getting things right has yet to be seen.
