Well Power, Inc. (OTCBB:WPWR) Starts The Week Green
Well Power, Inc. (OTCBB:WPWR) was making low percentile movements last week, but still managed to attract enough investor attention to register substantial dollar volumes. This week, however, started better.
While the $4.1 million paid promotion led by Stock Tips is still running on full power it seems that the company’s PR team itself has decided to start aiding it a little more firmly. The news about changes in the management seemed to be insufficient to provide for some bigger movements in price, so they decided to fill us in a little more on the business plan.
Yesterday, the company announced that they were hoping to potentially provide their licensed Micro-Refinery Unit (MRU) to drilling sites in Texas. This would in term allow the sites to be powered by the raw natural gas that is associated with the oil production and is flared as waste, instead of powering the plants with diesel fuel.
The benefits of such a thing are great – saving money and helping the environment, but can WPWR deliver. According to the quarterly report covering the period ended October 31, 2013, the current financial state of the company is quite grim and there will surely be the need for financing if they want to get things running.
- cash: $0
- total assets: $0
- total liabilities: $100 thousand
- revenues: $0
- net loss: $2000
Now, they will have to move pretty fast on acquiring finances, because they have already signed and filed a definitive agreement with ME Resource Corp. (CNSX:MEC), a publicly listed Canadian company, for the distribution of their MRU’s on the territory of Texas. The agreement states that WPWR has a deadline of 30 days after the filing to provide the first installment of $100 thousand to MEC for the MRU and 90 days for the second one of $300 thousand.
And there are still no news on getting the funds. Nonetheless, WPWR started the week gapped up and continued to climb until reaching a total gain in price of 24.39%, closing the session at $0.51. The 7.6 million shares that were exchanged during the session produced some $3.7 million in dollar volume.
The agreement, however, can be cancelled at any moment if any one of the companies breaches its terms, so there is still nothing sure. Furthermore, the massive promotional campaign that is underway isn’t exactly helping the credibility of the company, so be sure to step very carefully when considering investing in WPWR.
Nuvilex, Inc. (OTCMKTS:NVLX) also started the week in the green and gained some 21% in value. Intelligent Living, Inc. (OTCMKTS:ILIV) weren’t as fortunate and they dropped 29% in price.
