Green Innovations Ltd (OTC:GNIN) Stumbled

Green Innovations Ltd (OTC:GNIN) managed to bounce after the disastrous performance on Feb. 19. After three consecutive sessions of closing up, yesterday the stock looked like it was going to break out, but the pressure proved too much and it closed down.

GNIN closed the session at $1.10 – down 6.78%. The volume was significant. It reached 11.3 million shares, the second highest since the Feb. 19 crash.

Before the open, GNIN had issued another fluff press release, saying it was in the process of getting final approval for some of its products to be distributed by Federated Group. The news didn’t manage to sustain the price level.

Today the company came out with another press release. This time it’s about a vendor number and a pilot test purchase order from Union Supply. In the short history of GNIN, such press releases have had some effect on the market, but at this time investors may be looking for something more. Still this may be enough for GNIN to get another green session.

From the point of view of Dividend Seeker and the other newsletters paid to tout GNIN, yesterday GNIN “established strong support.” $35 thousand a week can get a lot of people to say a lot of things.

2.6 million Euro can get you even further. For those who don’t know – that’s the amount a third party paid for the creation and distribution of a pump research report on GNIN by Market Research Worldwide. The sum was paid for a period of one month which runs out on March 15, 2013.

As pointed out in previous articles, GNIN has proven it has some revenues, but there is no way to know if those have, or ever will, lead to profits. The company has until the end of the month to file its annual financial report and it will not contain the numbers after Dec. 31.