Cemtrex Inc (CETX)

[lucky2505]

Here was Saagar bragging about the EMS segment in June 2019:

“Cemtrex’s EMS segment continues to win new business from both new and existing clients,” CEO and Chairman Saagar Govil said. “Our backlog gives us continued confidence as we have already locked in enough orders to see growth in our year over year sales over the next twelve months.”

https://www.proactiveinvestors.com/companies/news/223078/cemtrex-shares-spike-after-showcasing-massive-order-backlog-223078.html

Here was the line from last year’s 10-K informing shareholders that he had exited the electronics manufacturing business in August 2019.

The Company continuously assesses the composition of its portfolio businesses to ensure it is aligned with its strategic objectives and positioned to maximize growth and return in the coming years. During fiscal 2019, the Company made a strategic decision to exit its Electronics Manufacturing group by selling all companies in that business segment on August 15, 2019.

https://www.sec.gov/Archives/edgar/data/1435064/000149315220000576/form10k.htm

Knowing that he shut down the EMS segment less than two months after flaunting $6 million in new orders and a $50 million backlog, it’s easy to understand why CETX is down after yesterday’s hyped $500,000 order.