They are pretty diluted going off of the March 31st date.
#
Outstanding Shares
1,600,809,652 as of Mar 31, 2010
#
Authorized Shares
2,800,000,000 as of Mar 31, 2010
#
Float(shares)
809,652 as of Mar 31, 2010
And they R/S'd on the 11th of March.
Going off the PR about the oil spill it seems they want to participate greatly in the current oil spill, but need funding to expand their company which would make them more appealing for contracts or maybe a buyout. See below for PR keys.
EDMOND, Okla., May 11, 2010 (GlobeNewswire via COMTEX) -- EnviroXtract, Inc. (Pink Sheets:EVXA) Management has issued the following statement in response to inquiries regarding its possible participation in the current Gulf of Mexico oil spill cleanup effort:
"EnviroXtract Management is keenly aware of the environmental disaster currently unfolding in the Gulf of Mexico. This is an unexpected tragedy for us all. Although the technology is capable of removing oil from affected soil, Management could not have anticipated in its business plan or funding requirements the scale at which it would be required to operate in order to effectively participate in the cleanup effort at this time. Management is reassessing the Company's financial needs and is currently seeking funding to expand its capacity to participate in future cleanup efforts. Should the Company be successful in obtaining the necessary funding, it will endeavor to implement expansion plans which might provide future opportunities to participate in the ongoing Gulf of Mexico oil spill cleanup effort."
It makes sense that they would dilute the piss out of their stock in a super short amount of time to try and expand their capabilities in order to become an appealing company for a cleanup process.
What gives the company the potential for success:
1) Currently we're seeing TAR balls wash up on many beaches. It's only a matter of time to where it gets worse than just TAR balls. Many shores are becoming unsuitable for wildlife and humans right now. Until the oil leak is completely resolved this will only continue to get worse.
2) The company came clean with prospects of joining the cleanup project and also let investors know that right now they are not able to. Honesty goes a long way...
3) Because of the honesty, this is a company that becomes a long term investment instead of a short play because if they hit it big with a contract to cleanup you'll then see a material change in the company altogether.
What gives the company the potential to fail:
1) It's a pink sheet current information company in which if the CEO had a change of heart.. he can destroy shareholder value altogether and just bomb the company and leave it behind.
2) Because of that, this company will become ultimately worthless for everyone and will be subject to nothing but pump-and-dumps.
3) They diluted it to more than likely to fund increases in equipment, technology, and employee's. If this fails to gain the contract the CEO more than likely desires to have then this ship will sink.
The sum of this:
This could be one of those stocks thats talked about in the future from big success. This could be one of those companies that really does everything they can to get in the game. Or, this could be a total disaster for shareholders. Right now I'm still uncertain about this company, but I'm willing to take the risk and INVEST due to honest PR's. Like I said, honesty goes a long way and hopefully my money will go a long way with this company as well.
If you buy shares of this company just know that there is a potential that exists and it could be a little ways down the road. Are you ready to ride the waves? Are you ready to grit your teeth and hope for the best?
As a popular friend of mine always says - Know what you own -
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