The last trading session allowed for some big gains for the supporters of GolfGear Intl Inc. (PINK:GEAR)
. Following news about another stock cancellation, GEAR soared by 36% clocking in at $0.102 per share on a moderate volume of 255 thousand.
As it is, GEAR has managed to reduce both its float and outstanding stock down to 76.6 million and 195.2 million, respectively. Besides declaring a firm course toward maximizing shareholder wealth, GEAR's managerial body reiterated that a reverse stock split was currently beyond question, dispelling traders' fears at least for the time being. Investors definitely welcomed this move. So did a particular promoter by sending a free newsletter alert in support of GEAR stock four weeks after third parties paid that same promoter $10 thousand for a full-blown promotional campaign.
Initially formed as a golf equipment company, GolfGear Intl Inc. recently turned its business upside down by delving into the gold and silver mining industry. Moreover, the company has entered into a license agreement with EnviroXtract, Inc (PINK:EVXA). The contract allows GEAR to use an eco-friendly technology to extract and refine precious metals. The only thing GEAR has to do at the moment is find huge deposits of such metals...and change its name, of course.
GEAR's latest quarterly financial report also came up yesterday. Unlike the stock reduction update, its impact on the subsequent market session must have been slim to none as it contains nothing investors could be really excited about. With cash reserves (and total current assets) of $63 and a working capital deficit of more than $210 thousand, GEAR is by no means well positioned to explore any properties, let alone extract precious metals from them. Nevertheless, the situation may change in an instant provided that the company somehow manages to strike gold in at least one of its properties.