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Saturday, February 05, 2011 5:29:16 PM
4 Vote 0 NW Tech Capital, Inc. (PINK:NWTT) Flies Up on Merger Finalization
By Nelly Shishkova
Date: Jan 17, 2011
NW Tech Capital, Inc. (PINK:NWTT, NWTT message board) has been flying up progressively over the past days. The stock hit spectacular gains during the past week and now the reason looks finally revealed.
Last Friday, NW Tech reported it has finalized a merger with the gold mining company Canada Incorporated. According to the announcement, "by merging with Canada Corp., NWTT is looking to enter into the Canadian mining segment and increase the company value for the shareholders". Having heard the good news, the shares of NW Tech rose up by 25% and the traded volume exceeded 244 million shares for a day.
Apart from the heavy trade on Friday, NWTT has had a few earlier gains over the past week. Most probably they were due to the positive stock alerts that appeared on some promotional websites a while ago. Apparently, the alerts were strong enough to attract traders and to help NWTT grab the up move. However, the future remains yet uncertain.
Historical records show that apart from Friday's news NW Tech has not said much about its activities since end-August last year, excluding the merger finalization and some supplemental information filed with the SEC. The last filing from last Tuesday requested Mr. Mark Knight to cancel 600 million share certificates of restricted common stock of NW Tech Capital, Inc. issued to BERMAL CONTRACTING, LTD. Yet, there's no more details on this matter.
NW Tech Capital Inc. has two main subsidiaries: Bermal Contracting Ltd. and Canada Corp. In mid-June, NWTT was on the high trade again, though since then the stock price has moved down significantly. According to its financial report, despite the generated profit as of end-September 2010 the company had no cash or cash equivalent balances. Besides, the cash flows from operating activities pointed -$317.759 and the company's deficit totaled over $25 million.
Now NW Tech relies on the merger, however, as claimed in its 10-Q report "The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability".
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