MediSwipe Inc (PINK:MWIP) CEO Selling More Shares

MediSwipe Inc (PINK:MWIP) emerged from the sub-penny depths in mid-December. These days it’s trading around $0.10 per share. As for “why” it can be a bit of a conundrum.

Last Friday MWIP closed at $0.0979 – up 4.26% on 16.4 million shares. This Form 4 from the same day shows that Barry Friedman, CEO, sold 1 million shares at $0.0927 on Feb. 13, and 75 thousand at $0.10 on Feb. 15.

Insiders selling in the open market isn’t usually viewed kindly by shareholders, but one should try and be understanding. Mr. Friedman has an annual salary of $95 thousand.

Then again, MWIP managed to scrape up $781 in revenues for Q3 of 2012, it hasn’t made any net profit, and shareholders have seen significant dilution in the first nine months of 2012.

Weak historical performance aside, the future of MWIP is anything but certain. The company has issued quite a few press releases in the past months, and while all of them are optimistic, the company is yet to prove it can turn a profit.

Until the financial reports for the periods come in, the public has no way of knowing how’s business going at MWIP. What can be said with a fair degree of certainty is that last week, CEO Friedman, made nearly $100 thousand from selling 1,075,000 shares, and there are plenty more where those came from.