Four Rivers BioEnergy, Inc. (PINK:FRBE) Forms a Momentary Uptrend
If you look at the market performance of Four Rivers BioEnergy, Inc. (PINK:FRBE) for the last few sessions, you could be encouraged by its positive run. However, if you look at the two-week chart, you will notice that prior to this momentary surge FRBE quite unexpectedly lost almost half of its value in just two days - Jan. 24 and 25. Yesterday, FRBE closed trade at $0.47 per share, thus scoring a six-month record. What is more, with more than 188 thousand shares changing hands, FRBE registered its second highest turnover for the last six months, the highest being the 216 thousand mark reached last Thursday. Oddly enough, there is neither news, nor promotions to justify FRBE's market behaviour. In fact, the company's last press release dates way back to Dec. 5. With regard to paid advertising, FRBE stock does not appear to have been subject of artificial pump yet.[BANNER] The most recent information about the company can only be found in a couple of SEC filings - an 8-K/A dated Jan. 12 and an NT 10-K dated Jan. 30. The former discloses another Deed of Variation in connection with an SPA signed last May, while the latter informs traders that the company's 10-K report will be slightly delayed, but will still be submitted on or before the fifteenth calendar day following the prescribed due date. At least, FRBE reported annual net losses of $7 million and $1.8 million for the fiscal years ended Oct. 31, 2010 and Oct. 31, 2011, respectively. In a nutshell, FRBE is a company which has so far generated no revenues. That is why, no matter what the full-blown 10-K will show as soon as it sees the light of day, it will still be unable to hide this fact.