Alternative Energy Partners Inc. (OTCBB:AEGY)Doubles Its Share Price Once More
The stock of Alternative Energy Partners. (OTCBB:AEGY) similarly to almost all of the pennystocks involved in the medical marijuana industry was starting to scrape the bottom of the chart at the end of 2013. The company had fallen well into triple zero territories and even dropped down to a new 52-week low of $0.0002. Such a depressing performance doesn’t happen without a valid reason and AEGY has more than enough red flags around itself.
The company decided to join the medical marijuana industry back in May 2013 and was going to develop the site PharmaJanes, an online ordering platform for marijuana products. The problem is that there was never a deadline for its completion and the company is not particularly fond of updating shareholders about their current operations. AEGY has released only a couple of PR articles for the whole of 2013. The last one outside of their SEC filings is dated September 17 and it announced that a beta version of the site has been launched. Although the news marked a significant progress for the company it failed to influence their stock.
Now things may finally start moving in the right direction though. For the last two sessions AEGY has surged from $0.0015 to $0.0061, increasing its value more than four times. Yesterday also marked the absolute record in traded volume for the company when investors managed to shift 931 million shares more than a third of all the outstanding shares. Such an immense interest in the stock resulted in a dollar value of $4.56 million.
As we said in our previous article AEGY was targeted by a couple of pump emails during the weekend but they were sent for free and cannot explain such a sudden change in sentiment and looking through the company’s press releases will also be futile. No, you have to check the news about another pennystock company – SK3 Group, Inc. (OTCMKTS:SKTO). They are going to use the PharmaJanes site as an exclusive marketing platform for their products and in their latest PR you will learn that the site is expected to go live by the end of the month. Although AEGY themselves are still keeping quiet investors have been stirred into a buying frenzy.
If the launch indeed happens before the end of the month it will be a huge step for the company which was in a quite desperate financial situation. At the end of October AEGY reported the following results:
- $410 cash
- $10 410 total assets
- $2 million total current liabilities
- ZERO revenues
- $10 million accumulated deficit since inception
Shareholders have also endured through an alarming rate of dilution of the common stock. Just for the three months covered by the report AEGY issued 1,3 billion shares bringing the outstanding number to 2.1 billion. At December 23 that number had already turned into 2.6 billion. If you are contemplating making in investment in the company be sure to do your own research. The stock may continue its hype-induced rise at least for now but remember that at these price levels the stock is capable of sharp movements in either direction.
Yesterday the whole marijuana sector got a nice boost on positive news around the media and most companies ended the day with significant gains. Growlife, Inc. (OTCBB:PHOT) rose by more than 10% and closed the session at $0.275 per share while Medical Marijuana, Inc. (OTCMKTS:MJNA) continued its impressive run by jumping nearly 30% up to reach $0.39.
