Corporate Resource Services, Inc. (OTCBB:CRRS) Breaks Through $3, Applies for NASDAQ Listing
In the two weeks that passed since we last covered Corporate resources Services, Inc. (OTCBB:CRRS), they have been quite active and it is starting to pay off. On Monday the stock surged by 19% followed immediately by another 20% the next day.
CRRS are concentrated primarily on providing staffing, recruiting and consulting services in various industries. Currently they operate 231 staffing facilities in the USA resulting in an impressive balance sheet. In their latest quarterly report the company posted the following results:
- $253 thousand cash
- $33.9 million total current assets
- $35 million total current liabilities
- $194 million revenues
- $37 thousand net income
On July 11 they announced that Abest Power & Gas, a joint venture operating in the retail energy sector, has received clearance to provide electricity to the New York market. This new revenue flow will further bolster their bottom line and will likely result in increased profitability.
But the major catalyst that lifted them past the $3 dollar mark was the application they submitted for listing on NASDAQ. It is a rare sight for an OTC company to meet all the requirements for an uplisting to a national exchange.
Answer is expected at some point during the summer so investors should decide on appropriate time horizons. Possible decline may crash the stock despite its stable fundamentals.
Back to something more typical for the pennystock market, Creative Edge Nutrition, Inc. (OTCMKTS:FITX) are undergoing yet another pump and are 17% up. The prolonged AwesomePennyStocks (APS) promotion for Xumanii, Inc (OTCMKTS:XUII) is starting to falter once again. The company failed to surpass its previous high of $0.438 and closed down 2% lower than the previous close.
