Jovita Baltrusaityte

GreenChek Technologies Inc. (OTCBB: GCHK) is Digging a Pit for Itself

by Jovita Baltrusaityte June 8, 2009
gchk.jpg"$55,000 spent on PR and the stock starts moving" - this can be said out loud about GreenChek Technologies. On Friday, the stock jumped by 15% with a volume of over 5 million. Let's look closer at the company.

GreenChek Technologies Inc. (GCHK.ob or OTCBB: GCHK) provides hydrogen fuel cell technology for commercial transportation and stationary power generation applications.It was recently announced that the company entered into a verbal agreement with Tianjin Kerlong management corporation. However, in my opinion, it is very unlikely that a company like this would ever be able to expand this agreement into a written one.

I have always been quite negative about companies such as GreenChek Techs for several reasons. First, it's seems improbable that a company with assets of only $2,000 and liabilities of $3 million could be able to arrange any deal at all. Second, the comapny doesn't have any current source of revenue. Third, the company has paid $55,000 (while the money in the bank account is only $2,000) for a stock promotion campaign to Unreal Stocks.

All in all, the industry the company is in seems to be too strong for GCHK, isn't it? Will GreenChek Technologies Inc. be able to hold down the OTCBB listing for a long time? What do you think?


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