Green Envirotech Holdings, Corp. (OTCMKTS:GETH) On an Uptrend
Green Envirotech Holdings, Corp. (OTCMKTS:GETH) are on an absolute tear. Yesterday they climbed another 36% to close at $3.40. Since last week they have been invariably closing in the green resulting in a more than 5 times increase compared to their close on May 2. The company hasn’t been able to reach such price levels for almost a year.
GETH is a development-stage technology company that has a patent pending oil conversion process that turns used plastics and tires into a high grade oil, suitable for refinery usage. What spurred their recent growth was an announcement they made on the exact same date – May 2.
They entered into a Letter of Intent for the formation of a global joint venture with Petrosonics, LLC. Try as we might we couldn’t find any official website for this independent company, something rather unheard of in this day and age. More importantly GETH issued an update to their operations and more specifically they are going to license Petrosonics’ patented technologies for Africa’s newest refinery.
Now let us leave the enthusiastic land of press releases to look at the still hot quarterly report for the period ending March 31. In it GETH disclose the following results :
- $48 thousand cash
- $53 thousand total current assets
- $4.9 million total current liabilities
- no revenue
- $662 thousand net loss
Numbers such as these should have lowered the confidence investors had in the stock but that certainly wasn’t the case seeing their strong finish yesterday. Traders should also note the fact that GETH has only 2.6 million shares issued after the recent 1-for-100 reverse split.
The high price of the ticker may undergo a correction at any moment making the trade a risky venture without doing your own due diligence.