Pumpers Wave Global Resource Energy, Inc. (PINK:GBEN) Goodbye
Yesterday the bunch of promoters who were touting Global Resource Energy, Inc. (PINK:GBEN) over Friday and Monday waved their subscribers goodbye, announcing a new pick to come today. GBEN dropped nearly 28% in yesterday’s trading, left without promoter support.
Among those who advertised GBEN were smallcapinvestordaily dot com and Research Driven Investor (RDI) who received $100 thousand and expected to receive $200 thousand respectively for their previous touts of the company in mid-January. After RDI told subscribers that GBEN was a pick that would run for days on March 24, they abandoned the company on the very next day as it crashed.
GBEN is a company that claims to operate in the lucrative green energy sector. Operations have not yet commenced, however, as GBEN never recorded revenue in its filings. Their most current financial report is dated October 2012 and contains figures that don’t paint the picture of a successful business:
- ZERO cash, total assets of $1.4 thousand in prepaid expenses
- $286 thousand current liabilities
- ZERO revenues since inception
- $231 thousand in net loss for Feb-Oct 2012
The company almost managed to cash in on its agreement with Patedma Group Corp. for the distribution of LED street lights but an letter of intent signed with a partner in August fell through and Balon Bleu Holdings, the potential client, made no payments to GBEN.
RDI, who was among those who last promoted GBEN, is one of the most prolific and well-compensated pumpers. In mid-January RDI ran a pump job on New Western Energy Corp. (PINK:NWTR), helping the price claw its way over $0.80 per share for a while, before going into free fall and dropping over the last two months, to reach $0.25 at yesterday’s close, resulting in about 70% loss for everyone who bought the pump. NWTR had already crashed after promoters hammered it with pumps in late December and early January and the second climb was much shorter. Despite the performance of the pump, RDI pocketed $35 thousand.
GBEN is currently 19% down in early trading.
