CleanPath Resources Corp. (PINK:CLNP) Shifts 74M Shares Despite Skull and Crossbones
Yesterday CleanPath Resources, Corp. (PINK:CLNP) managed a volume of over 74 million shares, surging 89% up to a close of half a cent per share. Traders obviously paid no mind to the fact that the company still bears the ‘Buyer beware’ symbol on OTCMarkets.com.
With no pump campaign for CLNP, the surge in activity can be attributed to the press release the company posted yesterday at the market’s open. The news concerned a deal between CLNP and BioSwan, a division of Hemp, Inc. (PINK:HEMP), a public company with a focus on medical marijuana products. The deal involves BioSwan assigning CLNP the exclusive rights to a supposed new product that should enhance regenerative stem cells, named NutraLOAD.
Sadly, BioSwan’s website gives no information whatsoever on this alleged new product and running a search for NutraLOAD yields no results outside of yesterday’s press release. One could almost get the feeling that the product is either in early development or does not exist at all, due to the complete lack of information surrounding it, even on the website of its maker. The closest thing to any information on NutraLOAD is the domain name nutraload dot com, that was registered through a proxy on Jan 31 this year but is still inoperative.
In addition to this, the press release doesn’t state how CLNP will pay or otherwise compensate Hemp, Inc. and BioSwan for the rights granted.
If we leave the press hype aside and take a look at CLNP‘s filings, the situation doesn’t change for the better. The last available filing is a report for the year ended December 2012 and that contains the following:
- $11 thousand in cash or equivalents
- $70 thousand in current liabilities
- $108 thousand in yearly revenue
- $11 thousand in yearly net loss
The company also ‘maintains ample stock for meeting required delivery times’. Traders will probably get a fairly good idea of the frequency and amount of such deliveries, considering the same report lists CLNP had an inventory worth $1,123 as of December 2012.
CLNP has 4 billion outstanding shares, half of which are owned by a person involved in ‘legal issues’ in 2010, the final results of which the company is not aware of, according to the supplemental information to the yearly report. The hype surge on a vague press release and the ‘Buyer beware’ stamp on OTCMarkets make CLNP a gamble best reserved for traders who love high-risk plays.
