I got a newsletter this morning from the guy that I think first got me looking at this stock. I emailed him Friday for an update. While he did not reply directly to me, he did finally post an update on his position with CGYV (But he is day late and dollar short as the saying goes). While I disagree with his rather late up date opinion, I felt I should copy it here, so others can make up their own minds. From:
"China Energy Recovery (OTC Pink: CGYV): My largest personal embarrassment in the China space. This company doubled in size every year from '06 t0 '08. Just about one year ago today when the company announced unexpectedly bad Q1 '09 numbers I simply should have dumped it and moved on. I don't have any idea how the company did in Q4 of '09 because they haven't filed their audited numbers. Their investor relations people tell me there's a disagreement between their new auditors and their old auditors, and hence they can't get the filing done. Now, they are behind on Q1 as well. Despite this atrocious lack of regard for their status as a public company, they were still in London at the Rodman Renshaw conference talking themselves up. Why?- I have no idea- what can you tell investors if you don't have numbers? Disgusting. No reason to keep this one on the home page any longer. As a result of all this pathetic behavior, they have lost their status as a fully reporting public company, and now trade in the relative obscurity on the OTC BB Pink Sheets. It's not the final chapter, so I'll report when the numbers finally come in. Frustrating situation. If you want more information, contact their IR guy- Adam Friedman- 212-918-2529 x18 or email: adam@adam-friedman.com.
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So, there you have it, nothing we really did not already know, and no helpful insight, except that they have CPA's fighting over which lies to use in the finacials (Most of the junk in financials is so twisted and impossible to make sense of anyway these days, and nearly useless, unless it is just shear disaster, and they admit it, or it shows a huge increase in real sales and profitsd, but that news usually precedes financials anyway).
I still think the long term trend will make this company a huge winner, so if we see .15-.30 prices again, I will still be adding shares. I love buying a $6 stock for .15/share. On the other hand if I had payed $3/share for this one, I'd pissed off about now, LOL. Needless to say I have a few of those too, just not this one.
I just emailed Adam to see if he could shed any light on things here for us. I still think the recent signature loans news for the new plant construction tells us we are here to stay, even if there was bad news in the coming financials. Let's face it, The demand for energy recovery has no doubt dropped recently, with lower fuel costs the past 12 months, but they are going back up, and China has made and is making commitments to curb GHGs, which is more easily done by recovering waste heat and converting it to energy for reuse....And i like buuying bargains, when they are being dumped and walked away from. I did great buying SIRI at .12 share last year!
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