On Wednesday, Feb. 27, Green Innovations Ltd. (OTC:GNIN
, GNIN message board
) filed an 8-K form
with the SEC. The filing concerned some of the past press releases of the company and was an attempt to repair the image of the company.
It seems to have worked, as GNIN closed up two sessions in a row, and today it's trading around the $1 mark again. That's still close to 70% down from the peak of the hype-driven run in February.
In addition to the press releases issued by GNIN, the 8-K also contained exhibits of purchase orders. They give legitimacy to the claims of GNIN that the company has generated revenue.
What they don't do is give a full picture of the financial performance of the company, or erase the red flags raised by the paid promotional activity. The current financial situation at GNIN won't be clear for a while.
While some of the events GNIN has been bragging about should be included in the company's annual report, what's happening right now, will be reported in the 10-Q for the first quarter of 2013, and that isn't due until mid-May.
As for the pump activity, it's still going on full force. The newsletters paid to tout GNIN continue to do so, and they are still using the Market Research Worldwide (MRW) report as basis for touting the stock; a report MRW has been paid 2.6 million Euro to create and distribute.
The 8-K also mentions CEO, Bruce Harmon. This gentlemen seems to have a lot of experience with pumped companies traded on the OTC. The list includes, but isn't limited to eLayaway, Inc. (PINK:ELAY), Immunovative Inc (PINK:IMUN), and Omni Ventures Inc (PINK:OMVE).
GNIN has already made some steps to claim legitimacy, but the company will have to do a lot more to get to the previous high. Potential investors should still exercise caution when making a decision about GNIN.