WindPower Innovations, Inc. (OTCMKTS:WPNV) Continues To Soar
On Tuesday the stock of Windpower Innovations, Inc. (OTCMKTS:WPNV) simply exploded. It surged by more than 80% to reach $0.024 with more than 5 million shares traded. Just for comparison traded volume for the previous session was only 300 thousand. Yesterday they continued the strong climb adding another 60% to their value closing at $0.045 with even greater amount of shares changing hands.
The positive movement of the ticker comes in the wake of some promising news articles and a promotion by Direct Global Media. DGM are an entity that specializes in free awareness campaigns through its affiliates PunterStockPicks and XtremePicks. For the better part of May they were touting Global Entertainment Holdings, Inc. (OTCMKTS:GBHL) before finally giving up and moving on to WPNV.
But the real reason that got investors excited about the company is the recent acquisition of RIG Construction D/B/A the Cameo Group of companies. According to a press release by WPNV their newest subsidiary has gross revenues of $1.592 million for the first quarter of the year. We decided to check for ourselves and turned to their financial reports. Alas, WPNV is a pinksheet company which means they submit only the information they want to submit. As the next best thing we opened the quarterly report for the period ending March 31:
- zero cash
- $1000 total assets
- $650 thousand total current liabilities
- 1000 revenue
- $107 thousand net loss
Not exactly what we would call encouraging results but according to WPNV they will manage to post a consolidated balance sheet for the quarter ending June 30. At least they included the terms of the acquisition and apparently they bought RIG Construction for 10 million shares each priced at $0.60 or a total of $6 million. WNPV will have 3 years to reach this price per share or they will be required to issue more common shares as compensation.
With no concrete facst about the current financials a correction may come at any time if investors decide to cash in. Doing your own research is always a requirement when considering trading a penny stock.
