WEGI may very well climb with hurricane traders betting on a bad USA disaster but FACTS are this is one sickly company, revenues down sharply, losses mounting, toxic fiancing in place, lawsuits mounting, you name it, negative facts surround this company, but as stated the hurricane chasers hoping Gulf Coast residents lose homes may very well run it up, My advice is make your money and move on as fast as you can, WEGI is one sickly company and will return to intensive care sooner then later IMO.
Did you notice they needed to take a 250k loan Jan 07 to pay the previous loan payments due....Not good IMO
Few FACTS from latest filing > (Read the filing , this is just few of MANY ailments afflicting this sick puppy)
Total revenues for the three months ended December 31, 2006 decreased by $15,690,884, or 88.6%, to $2,023,458 from $17,714,342 for the thirteen weeks ended December 27, 2005.
Gross profit decreased by $9,642,734, or 101%, to a loss of $119,102, or (6%) of total revenues, for the three months ended December 31, 2006, as compared to a gross profit of $9,523,632, or 53.7% of total revenues, for the thirteen weeks ended December 27, 2005.
We are a plaintiff in approximately 20 lawsuits claiming an aggregate of approximately $8,000,000 pursuant to which we are seeking to collect amounts we believe are owed to us by customers that are included in our accounts receivable, primarily with respect to changed work orders or other modifications to our scope of work. The defendants in these actions have asserted counterclaims for an aggregate of approximately $1,500,000.
