AlumiFuel Power Corp. (OTCMKTS:AFPW) Surges Once Again
It has been an interesting year for the stock of AlumiFuel Power Corp. (OTCMKTS:AFPW) as it saw a lot of intense trading, managed to lift itself from rock bottom and enter the double zero land, which it had not seen since the middle of October, 2013.
After the climb, however, the ticker became unstable by the middle of February and began sliding down as March began. Since the beginning of this month the company stock has been struggling to stay above the $0.001 mark, but failed to do so and slid as low as $0.0007 per share.
Yesterday, however, the ticker saw renewed interest after some optimistic news. The company issued a press release announcing that they will be doing an analysis on possibilities to help with the electricity demand in the medical cannabis growing sector with renewable energy.
Needless to say this got the investors pumped up with optimism and with the low price of AFPW it was sure going to leave a mark on the ticker. By the end of the day the company stock had gained some 100%, closing at $0.0014 on the highest volume in its trading history, generating $920 thousand in trade value.
Still, we should not forget the fundamentals of AFPW. Here is a little reminder of the financial state of the company as per their quarterly report for the period ended September 30, 2013.
- cash: $5,653
- current assets: $14,875
- current liabilities: $3.2 million
- revenues: $0
- net loss: $336 thousand
Furthermore, when digging around about AFPW‘s CEO, Mr. Henry Fong we find some disturbing things. He has been involved with more than 15 companies over the years, which itself is not bad, but then you can check the stock performance of some of those ventures and you get a bit worrie.
Take Greenfield Farms Food, Inc. (OTCMKTS:GRAS) for instance. Mr. Fong became Chairman of the Board and CFO of that particular company in June, 2012 when the ticker was traded around $0.50-$0.60 per share. Now it is at the bottom of double zero land heading for the triple zeros.
SurgLine International, Inc. (OTCMKTS:SGLN), a company that Mr. Fong was at the helm of from 2002 to 2011 is now struggling at rock bottom. Looking at most of the other stocks of ventures that Mr. Fong was involved with we see picture is similar, which leads some doubts about his management capabilities.
Also, comments on investor forums show us that a lot of people aren’t fond of his work and have gone through some lenghts of finding out some interesting facts about his ventures. Like the fact that SGLN‘s address was a mail drop.
This is reason enough for you to thread carefully and do your due diligence before making any investment decision.
