Yesterday Lithium Exploration Group, Inc. (OTC:LEXG
, LEXG message board
) had a dreadful session after releasing a video of its Ultrasonic Generator.
The video was in no way negative, and the only thing in it that may have not pleased investors was the time the testing would take - 3 to 4 months.
The only other new development from yesterday was the filing of a Form 4 about Brandon Colker, a Director of LEXG, being issued 15 thousand shares of common stock pursuant to the terms of a consulting agreement.
The first half of the session was relatively quiet and uneventful, but about 12:30 pm LEXG started falling. After nearly 520 thousand shares had changed hands LEXG closed down 22.04% at $0.75.
LEXG went through an ugly promotional fiasco back in 2011 which cost some people a lot of money, but this time there doesn't seem to be any promotional activity around the stock. Whatever the reason for the dive, today LEXG has managed to recover some positions, but it still looks bad on the chart.
The company still hasn't generated any revenue, and the three to four months may have disappointed some traders or shareholders. LEXG may recover, although for a stable positive run the company may have to provide potential investors with something more tangible than a video of a product that needs testing.