Under a record volume of trading, Global Environmental Energy Corp.'s stock (OTCB::GEECF) zoomed up 22% yesterday, closing at 28 cents a share, despite the fact that the Dow Jones Industrial Average fell 175 points or 1.4%. In the course of 30 days, GEECF stock quadrupled in price, from 7 cents to today's 28 cents a share.We at Hotstocked.com last looked at Global Environmental Energy Corp. on February 6, with the article creatively titled Global Environmental Energy Corp (OTCBB:GEECF, GEECF message board). This Bahamas-based company markets its "Biosphere™," which is a fancy way of saying "trash incinerator that produces electricity."
Let's take a look at the stock price chart, noting the dates of various news events:
As you can see, the noted news events all failed to have any large impact on the stock price on the day of the news or the day following. Yet, somehow the stock price managed to quadruple on the intervening days over the last month, culminating in record trading volume yesterday, February 14. Here are the details of the news events:
SEC filing: On January 16, the company made a SEC filing for the fiscal year ended May 31, 2007 - zero revenue shown, coupled with administrative expenses of over $23 million. This clipping from the filing says it all:
Independent.ie article: On January 22, an article at Independent.ie alleged a connection between Global Environmental Energy Corp and the current bribery corruption court hearing of Democratic congressman William Jefferson, of New Orleans. According to the article, U.S. prosecutors claim that in 2003, congressman Jefferson assisted Life Energy, the predecessor of Global Environmental Energy, via the Louisiana-based branch of Life Energy headed by Noreen Wilson. The article goes on to say that Global Environmental Energy's CEO, Chris McCormack, denied any association between Noreen Wilson and Global Environmental Energy, yet the article notes that Noreen Wilson was at one time listed as president of Global Environmental Energy - and still is listed as such in documents that the company has failed to update. (Part of the confusion likely stems from the fact that there are technically two companies with the same name; during its death throws, the now bankrupt Global Environmental Energy based in Delaware spawned the Global Environmental Energy based in the Bahamas. Noreen Wilson was president of the Delaware incarnation of the company.) The article goes on to point to CEO McCormack's $1.9 million in salary and bonuses, which seems in contrast to Global's lack of revenue and $24.3 million dollar loss last year.
FRE deal: On January 31, Freedom Renewable Energy (FRE) announced that it has been licensed by Global Energy Corp to sell Biospheres™ in the United States. FRE was created specifically for this purpose.
AW2E deal: On February 9, Freedom Renewable Energy announced that it had signed a deal to install three Global Energy Biospheres™ for Americans Waste to Energy (AW2E) in Atlanta, Georgia.
It is difficult to evaluate the two deals - one deal between Global Environmental Energy and Freedom Renewable Energy and the other deal between the latter and Americans Waste to Energy. Freedom Renewable Energy and Americans Waste to Energy are not publicly traded companies, so little information is available. Delaware is where Freedom Renewable Energy was created specifically to sell Global Environmental Energy's Biospheres™, and Delaware was also home to the now bankrupt Global Environmental Energy Delaware. What is the true relationship between Freedom Renewable Energy and Global Environmental Energy? Meanwhile, Americans Waste to Energy is a limited liability company about which information is scarce.
In an old SEC filing, the company stated: "In November 2005 Global Environmental Energy Corp. (Bahamas) confirmed that its subsidiary, Biosphere Development Corp., had concluded its first Chinese Biosphere Process(TM) System sale for USD$8,500,000. The system is being delivered to the City of An Ji in Zheijiang Province." It also mentions a second USD$8,500,00 sale in another Chinese city, Jingdezheng. And yet, Global Environmental Energy Corp. still has no revenues as of May 2007.
Also back in 2005, Global Environmental Energy announced that its subsidiary Sahara Petroleum Exploration Corp. had been contracted to build a $4 billion dollar oil refinery in Nigeria. And still Global Environmental Energy Corp has no revenues as of May 2007.
In its latest SEC filing, Global Environmental Energy listed total assets of $2,500 as of May 31, 2007.
Will the latest deals related to Global Environmental Energy give it some revenue for the first time? Only just in January did the company release figures for the fiscal year that ended in May, so we may need to wait a long time for the answer.
User comments
w.biowaste.blogspot.com/2007/01/plasm a -gasification-and-incineration.html Just an FYI.
I hope that reading these links will aid you in your desire to be more technically sound and valid if you read the DOE documents. Your comment "Biosphereâ„¢," which is a fancy way of saying "trash incinerator that produces electricity." couldn't be more incorrect. If you have an opportunity, you might take a moment to research a bit more and compare the top Four primary types including Plasma Arc, Fluidized Bed, Fixed Bed and Entrained Flow. Even though the technology has been around for over 50 years, most people do not know much about the versions or their applications. Many are used to extract and process industrial chemicals in several industries including Nuclear Power Plants. GEECF/FRE/GW2E use Biosphere Systemâ„¢ which is a Fixed Bed system with additional processes controlled by Dr. McCormackâs intellectual property which truly enhances the capacity and energy output of the system.
Waste Management and its subsidiary Wheelabrator are pushing a deplorable and abusive incinerator model in Hilo Hawaii that might be of interest to you as well. GW2E and AW2E base their entire business model on philanthropic economic development revenue sharing with the community in every project that is deployed. This, by the way is part of the model originally planned by the founders of GEECF and FRE.
DGS
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