Aug 27, 2010 10:04 AM PDT
Rotoblock Corporation (RTBC.OB 1.80 +1100.0%) shares closed 1100 percent higher today thanks to the cancellation of 10 million of the company's outstanding shares. Though the day's gain was exaggerated due to the nature of penny stock pricing, the gain couldn't be considered completely errant. As of the company's last quarterly filing, a little more than 45 million shares were outstanding. So, the approximate 22% reduction in the share base is indeed significant.
The retired shares were returned to the company from Chien Chih-Liu, the Company's President and Chief Executive Officer. He had originally received them in exchange for joint ownership of some California real estate.
Rotoblock Corporation engages in the development and licensing of oscillating piston engine (OPE).
Park Place Energy Corp. (PKPL.OB 0.05 +122.2%) posted its first-year revenue numbers this morning. The oil and gas company's top line exceeded $1,300,000 in the first twelve months of operation. No other details were offered regarding the company's performance, nor were any fillings made with the SEC. However, Park Place has been a fully-reporting company since 2007. An offical submission should be made soon.
Priced as a penny stock at $0.05 per share, the company's market cap is roughly $3.07 million. Its price/sales ratio is in line with its peers.
Digging a little deeper into the numbers reveals that during calendar and fiscal Q1 of 2009, total sales only came in at $166K... well under the pace that is implied by the twelve-month figure. Earnings are still an unknown, though expenses are generally shrinking.
Maxim TEP Inc. (MTIM.OB 0.145 +31.8%), an oil and natural gas exploration outfit based in Houston, pushed its stock higher by nearly 32 percent today after initiating what was effectively a complete company overhaul late last week.
A new CFO, the settlement of a a Delhi environmental lawsuit, and the acquisition of bridge funding were all unveiled on Thursday. The penny stock didn't move much on Friday, but made up for lost time today.
MTIM shares have only been trading as a bulletin board issue for a few days now, and quietly at best. Today's strong volume should give the stock a bump up in terms of investor awareness.
Awareness can be dubious though. Last year's revenue of $1.8 million will need to be greatly enhanced to justify a market cap of around $20 million (and that's not even considering the 10 million or so sitting on the accounts payable lines of the balance sheet). Maxim's got some property and equipment worth a few million, but that's not likely to be compelling enough for investors who want to really see if today's gains were merited when they go digging.
