Kleangas Energy Technologies, Inc. (OTCMKTS:KGET) Surges Further Up
Since last Wednesday the stock of Kleangas Energy Technologies, Inc. (OTCMKTS:KGET) has added the impressive 450% to its value. It finished Friday’s session sitting at $0.0063 exactly 50% above the price of the previous close. Investors should note though that the current steep climb is being facilitated mostly by hype.
The company has the noble goal of researching and developing new clean energy technologies but for now they have been less than successful, to put it mildly. KGET finished the quarter ending September 30 with the following financial results:
- $29 cash and total assets!!!
- $469,734 current liabilities
- No revenues
- $36,750 net quarterly loss
On December 2 they announced that another acquisition is underway. This time the targeted company was Green Day Technologies, Inc which are supposed to bring additional technologies and opportunities to KGET. The acquisition is going to happen through a share exchange agreement where one common share of Green Day will be traded for 17 shares of KGET. The preferred shares will exchange at a 1:1 ratio. It is good then that the management of KGET has retired around 2.1 billion of its issued shares with the currently remaining outstanding shares around 314 million.
In August and September KGET were also the subject of a paid pump that despite the number of email alerts reaching more than 50 failed to have any meaningful impact on the performance of the stock. In fact all throughout the duration of the pump KGET were constantly going further and further down.
The major news that hit the market on Friday was the suspension of yet another pumped stock – Makism 3D Corp (OTCBB:MDDD). This leaves the $2.5 million pump for Tiger Oil and Energy, Inc. (OTCMKTS:TGRO) as the only major promotion still going on making it an even more riskier choice than it was.