EFTX Keep an eye on this one. I see staging here yesterday's news release was very encouraging. This is a little known company I have been tracking for a couple of months now. Here is today's news release check out this statement here:
<<<<In other Company news, the Company has completed its initial due diligence relating to its proposed expansion program. Due to customer demand (including commitments to purchase up to 100% of a 120,000-ton capacity processing facility), northern California has been selected as the first expansion location. Management is currently pursuing various financing options. Preliminary interest has been strong, and although there is no assurance, the Company believes that funding arrangements should be secured in the near future. >>>>
Their revenues have been increasing and so has the demand for GlassFlour which is their product. I love this product because they have found an economical way to take colored glass and recycle it into something useful such as fiberglass.
It is currently near their low for the year. I'm not going to kid you this stock is thinly traded currently in fact didn't even trade one share from yesterday's release. I do believe when the PR comes out that they have the financing for the expansion of the plants in Northern California thats when I expect it to make its move.
According to EDGAR stock structure is 11.5 million outstanding and currently I don't know what the float is but I'll post it if and when I find out.
If the financing gets near to being a reality then I expect speculation to begin. I think the year high is $1.43 currently trading at $.05 X $.08. Just keep an eye on this guy. Today's release is what signalled me to watch closer.
Nescom out-
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Tuesday August 18, 12:21 pm Eastern Time
Company Press Release
SOURCE: EFTEK Corp.
EFTEK Corp. Announces Increase in Revenues in Second Quarter Results
BERLIN, N.J., Aug. 18 /PRNewswire/ -- EFTEK Corp. (OTC Bulletin Board: EFTX - news) announced today that it had filed its Form 10-QSB for the three month and sixth month periods ended June 30, 1998 with the Securities and Exchange Commission. In order to report meaningful results, EFTEK Corp. believes that the comparison between the three month period compared to the same period one year ago should also be compared to the three month period ended March 31, 1998 since EFTEK Corp.'s subsidiary, CFC, Inc.'s operations producing its ''GlassFlour'' product commenced in October, 1997. Accordingly, sales for the three month period ended June 30, 1998 increased $60.372 (15.8%) over the first quarter of 1998 ($434,544 or 5.021% as compared to the same period of 1997). Overall, net loss decreased $200,280 (59.3%) from the first quarter ($126,595 or 48.9% compared to the same period of 1997).
The increased operating results are due to the continued growth of the Company's wholly owned subsidiary, CFC, Inc.'s production and sale of its GlassFlour product, which commenced October of 1997.
Commenting on the second quarter report, Frank Whitmore, President of EFTEK Corp. said, ''We continue to be encouraged by the increasing acceptance of GlassFlour by our customers as well as the operational efficiencies we are experiencing at the Berlin, New Jersey plant. At the same time we are actively pursuing our expansion program which will provide continued growth for the Company.''
In other Company news, the Company has completed its initial due diligence relating to its proposed expansion program. Due to customer demand (including commitments to purchase up to 100% of a 120,000-ton capacity processing facility), northern California has been selected as the first expansion location. Management is currently pursuing various financing options. Preliminary interest has been strong, and although there is no assurance, the Company believes that funding arrangements should be secured in the near future.
EFTEK Corp. is the parent company of CFC, Inc. which is engaged in the production and sale of GlassFlour, a new raw material for the fiberglass insulation industry, and potentially, other glass industries. GlassFlour is the result of CFC, Inc.'s patent pending process that removes virtually all of the contaminants of commingled mixed cullet (broken glass of mixed colors) that usually otherwise is slated for landfill disposition. The Company currently has supply agreements in place for its Berlin, New Jersey plant as well as commitments for additional agreements upon expansion to other selected locations, from two of the world's largest fiberglass insulation manufacturers.
.SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT .OF 1995 .This press release contains forward-looking statements involving various
risks and uncertainties. Actual results could differ materially from those
projected due to factors which may include population fluctuations,
acquisition risks, market conditions, government funding and availability of
financing. These and other risk factors are outlined in the reports filed by
the Company with the Securities and Exchange Commission.
SOURCE: EFTEK Corp. |
