The press release concerns the closing of a $3 million financing. Initially, SAVY will be getting $1.25 million and then another $500 thousand before year end. This can bring in another $1.25 million at their option and based on predetermined criteria not detailed in the press release.
The company could use the financing. According to its filings, SAVY hasn't been able to turn a profit so far, but traders should keep in mind that the 10-K for 2011 will be filed late, and it will contain more current information.
SAVY operates through a wholly-owned subsidiary, SaveDaily.com, Inc. The company offers investments and record-keeping services to its intermediary partners, as well as directly to clients through a variety of white-labeled interfaces.
At the time of this writing SAVY is trading up 32.65% at $0.65 after reaching $0.85 approximately 12 minutes into the session.