I might be able to provide some insight I have been gathering information as well as others holding EVXA.
May 11, 2010 EVXA issued this statement: "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."
August 16, 2010 EVXA PR: Enviroxtract announces the commencement of a new phase of extraction testing with petroleum contaminated soils and sands after several months of necessary equipment refitting, maintenance, and upgrades in its Gulf Coast testing facility. Samples of soil and sands affected by the recent oil spill in the Gulf of Mexico will be tested during this phase. The company continues to pursue its business plan to develop and supply efficient environmental remediation technologies to address oil spills and chemical spills.
Near the end of August we, EVXA shareholders, notice what appears to be heavy dilution. This continued until September 20 or maybe even the 26th. (see chart below) We attempted to contact the company and received no response. TA provided the information below. According to Olde Monmouth (TA) as of morning 9/20/10 : AS= 100,000,000,000 OS= 6,390,809,652 http://www.oldemonmouth.com/contact.html
Sept. 21, 2010 PR:EnviroXtract, Inc. (Pink Sheets:EVXA) announces that it has received analytical reports associated with the initial testing of its proprietary oil extraction process on tar balls collected from a Florida beach after the recent BP Gulf Oil Spill. Based upon a quantitative analysis performed by Test America Laboratories on representative tar ball samples, the average extraction rate of petroleum removed from the sample material was approximately 99.98%.
The company continues to restructure its stock in order to increase liquidity and raise sufficient capital to pursue its business plan to develop and supply efficient commercial environmental remediation technologies to address oil spills and chemical spills.
I hope this helps a bit. EVXA is purely speculative ay this point and no one will deny that for a minute. If you glance through the speculative link above, I believe you will get a feeling of why there is some "momo" behind this one. Especially considering the Gulf Council the President just created and the fact they have spent the better part of this past week taking the blinders off of the world. There is pressure to clean this mess up quickly, EVXA was approved by TestAmerica which is BP's partner, and they have the shares required to raise capital if needed.
I actually found an interesting article http://stocks.about.com/od/understandingstocks/a/Shareterm113004.htm that gave me a new potential outlook on the Authorized Shares. Authorized Shares – These shares represent the total number of shares of stock authorized when the company was created. Only a vote by the shareholders can increase this number of shares. However, just because a company authorized a certain number of shares doesn’t mean it must issue all of them to the public. Most companies retain shares for use later called unissued stock or shares. and then... Why is this Important? Here are several key bits of information you can determine from looking at how these different share types stack up in relation to each other:
* Look at the relationship of unissued shares and restricted shares to float for where controlling interest of the company will reside. Many companies retain a large percentage of the authorized shares in their treasuries or in the hands of management through restricted shares. Companies do this to make sure no other company can seize control in an unfriendly takeover. They may also want to have stock handy for future issue instead of using debt to buy another company or for another major expenditure. Controlling interest held in unissued stock means outside shareholders will have little influence over the decisions of the company.
The next filing, according to an EVXA IHUB member, is November 11, 2010. At that point we should see a clearer share structure.
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