Based on your post on the MOBL board, I decided to take a peek at the CIRT chart and was intrigued enough to dig a little deeper...
First some background...I manage a very public and transparent "Fund" here on iHub which mostly invests in microcap companies. I initially purchased MOBL for my Fund when it was priced at 3.4¢, exactly the same price as CIRT's closing price yesterday!
Since CIRT's chart looks very similar to MOBL's chart of January 2004, I decided to do a little dd and noticed a few things that are of concern to me...
a) The 3 major shareholders, the Hawatmeh Brothers, since the beginning of the year have registered to sell, and they may have already sold, approximately 26 million shares!
And that is just in 2005. Now, I do not normally have a problem with insiders selling a small percentage of their holdings...but in the case of CIRT, which seems to show such great potential, selling their shares for a meagre 4¢ and less, seems to this potential investor at least, that they are, to borrow your own words, "the biggest fools around!"
To me at least, this is obviously a very stark difference between MOBL and CIRT. In the case of MOBL, the CEO keeps buying his company's shares from the open market, with not one sell! While the Big Boys at CIRT can't seem to hold back from getting rid of their shares in their company. Now how could this incessant selling instill confidence in a prospective investor?
I strongly believe that the reason the stock is having trouble breaking out is because of insider selling by the Hawatmeh Brothers...
b) In an earlier post, you had supplied a link which showed that CIRT, as of March 31st. 2005 had approximately 488 million shares outstanding. Today, according to Yahoo, the OS stands at 564 million, an increase of 76 million shares. Could this increase in OS be attributable to the previous financing arrangement that they had initially inked with Cornell, but which now has been scrapped?
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