Thursday, October 17, 2019 9:30:02 AM
Full Disclosure: I have owned this company for 10+ years and know a former CEO very well.
This is a real company, albeit poorly run in my opinion. They have basically turned into a small staffing company over the years. Back in 2011, they submitted "No Action" filings which let them stop filing with the SEC because they were such a small company with very few registered stock owners. The benefit of this is obviously the cost savings but it also allowed them to clean up the structure because they had to get rid of all unissued stock options. My assumptions is that they have also been able to pay off their debt in the last 8 years and are now sitting on a clean balance sheet.
Here is my speculation as to what is going on with the stock:
#1. Just like a year or so ago, some non related entity is creating confusion and the stock is running up because people think it is cannabis related. This is the most likely scenario and if so, you bagholders that bought yesterday are likely in for a quick drop to the bottom.
#2. The recent job postings may indicate something good is going on. NOT LIKELY. I have 20+ years in the staffing business and looking at the job postings it is very likely that they were able to get on as a staffing vendor with a large company. Sounds good, but they will likely be competing with many other and much better staffing companies. If they are lucky, they may fill a few positions.
#3. TOTAL SPECULATION. The founder of the company is still a major stockholder (as of a 2011 13D). He is also a partner in a venture capital firm. My hope is that they take one of their investment companies and merge it into this structure to form a new company. Complete speculation and not likely...
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