Totally Green (PINK:TLGN) continues to slowly climb up after the company received a contract with the United States Department of Interior. The stock price gains were limited over the past week, but being a penny stock it still presented a nice percentage gain of nearly 30%.The stock continues to gain value with a strong support at 9 cents and a bit questionable one at 10 cents. Trading volume remains strong, even though the daily price gains have slowed down. During this rally, the price didn’t see a serious correction yet, thus the tension is building up as well.[BANNER]
One of the reasons for the slow blue skies breakout is the mistrust, as the business doesn’t have its financial data out in the open. The company also did not provide any guidance on the potential revenues from the contract with the Department of Interior. In other words, the stock price is going up only because a serious institution became a client of the company.
The company doesn’t file with the SEC and pre-acquisition financials depicted lack of cash and a leveraged balance sheet. The financial benefits of the acquisition of Totally Green, LLC., in late October this year remain a mystery.
The company operates as a supplier of “green” plastic bottles that can be quickly decomposed under the right conditions. The company was formerly known as Naturally Iowa, Inc. and changed its name after the acquisition of Totally Green, LLC.
