Puget Technologies, Inc. (OTCBB:PUGE) Turns Green
After a prolonged red streak that pulled the share price of Puget Technologies, Inc. (OTCBB:PUGE) over 30% down the charts, the ticker bounced back yesterday and closed precisely 30% up. The movement was triggered by a press release issued by the company.
PUGE announced that it was anticipating the arrival of the first shipment of 3D printers. The units are expected to arrive roughly 45 days down the line. 3D printing is a hot sector in its own right and this announcement could have triggered a wave of buying, even though the climb and volume spike came in the late afternoon, well after the release was made public.
What may be more curious about PUGE is the company’s last six months. Back in the autumn of 2013 PUGE was a marijuana sector player, aiming to offer “innovative solutions” using cannabinoids. Another subsidiary of the company was focused on herb-infused drinks. Once again, back in October 2013, PUGE was also pumped by a number of paid promoters. The pumping led to a nasty crash, then the company’s pump track record and uninspiring balance sheet pushed it further down the charts.
In late December, completely out of the blue, the former medical marijuana company stated it formed a new 3D printing subsidiary. All PR coming from PUGE ever since has been focused solely on its plans for a bright future in 3D printing.
Making the jump from a hopeful pot stock to a 3D tech company overnight is just as implausible as it was ill-timed, as marijuana stocks went through the roof days after PUGE switched its focus. The company is now expecting its first shipment of the IdeaWerk 3D printer – a home enthusiast device with a 15x15x14 cm working area that uses polylactic acid or PLA, manufactured by Chinese company Shenzhen Weistek. Weistek USA, a PUGE subsidiary, will sell the product on the American market.
PUGE posted a new report since we last covered the company and the figures in that one are not much better:
- $46 thousand in cash
- $103 thousand in current liabilities
- zero in quarterly revenues
- $172 thousand in quarterly net loss
Factoring in the recent new pump emails targeting PUGE that likely also drove the price down, investors may want to exercise caution and do their own research before making any rash moves.
Sigma Labs, Inc. (OTCMKTS:SGLB), another OTC 3D printing company that has been in the sector for a longer while and is working on a quality assurance system to serve the industrial field of printing advanced metal elements such as airplane parts, closed a fraction of a percent down, ending Wednesday at $0.16 per share.
