To ESRG shareholders:
According to Time and Sales trading data for ESRG, it appears that about one million shares were sold this morning, prompting a quick selloff during a very slow day in the markets before the Fourth of July weekend. ESRG management knows of no fundamental reason (announced or unannounced) that could account for today's weakness.
The company anticipates updating investors on the previously announced contract proposals totaling $10.5 Million (Press Release: June 10, 2009: Electron Solar Energy Announces Over $10.5 Million in Outstanding Solar Energy Project Proposals: Record Pipeline of Solar Energy Contract Bids Evidence of Company’s Success in Marketing and Positive Client Referrals; Green Technology Distributor/Installer Sees Record Breaking Year).
ESRG is currently trading at Bid .038, Ask .04 after hitting a Bid of .018, Ask .03. The sudden large order apparently prompted market makers to drop the bid to accommodate the large order on a slow day with few buy orders in under yesterday's previous bid of .07. With many looking forward to the holiday weekend, shareholders may not have noticed today;s decline yet.
The tightening of the Bid/Ask spread shown currently is most likely due to investors/traders belatedly noticing the quick drop and placing orders. Note ESRG chart below as of 3:00 PM today.
Again, ESRG knows of no business/fundamental reason to account for a large order to sell being entered today.
Please give us a call at 404-261-1196 with any questions.
And have a nice Fourth of July holiday weekend.
Regards,
Investor Relations for Electron Solar Energy
404-261-1196
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