LAS VEGAS – AUGUST 24, Pluvia Securities Research Initiates Coverage of Biofiltration Systems Inc., (OTC Bulletin Board: BIFS), at the current price of $0.67 with a STRONG SELL Recommendation and a target price of under .02 CENTS
OUR STRONG SELL RECOMMENDATION IS BASED ON:
1. Biofiltration's bleak financial condition;
2. The significant number of Biofiltration shares issued, that when sold may negatively impact the stock price;
3. Biofiltration's lack of significant technology, management, employees and business plan, which combined suggest the company is worth less than 5 million dollars.
4. Biofiltration's enormous valuation compared to industry market leaders;
THE STORY
BIFS is a fluid-treatment company in Florida, with three desks, no receptionist and a temporary sign in the window. They bought an ISP (Beachaccess.net) in Myrtle Beach, SC and started hyping wireless broadband internet service, stating they had a patent for their “gee wiz” technology, although they cannot produce any evidence of this patent. We do not believe the company owns any significant patent or technology.
Instead of significant wireless technology, BIFS is simply buying off-the-shelf wireless LAN equipment. Note in the following story the CEO said his offer to purchase a local company was rejected. When our researches called this company they denied he ever made an offer.
thesunnews.com Obviously the CEO has credibility problems, which are compounded when reviewing the promoter's history he hired... seminolesheriff.org
VALUATION
Biofiltration has 512 million shares issued and outstanding, giving it a significant market capitalization for a company reporting revenues in it’s recent 10QSB filing of $166,432, with losses of $832,239 and assets of $1,139,225, including $860,099 in cash. This was for the first six months of the year. Taking the 512,000,000 share float and today’s price of about 67 cents, the market valuation is a significant $343,000,000.
We believe BIFS is nothing more than a pump and dump operation. We caution investors to avoid investment in BIFS as we believe investors stand to lose almost 100% of their investment.
For these reasons, Pluvia Securities Research issues a Strong Sell Recommendation on BIFS with a 6 month price target of under $.02 Pluvia Securities Research will maintain research coverage of eConnect and update future findings.
Pluvia Securities Research, their agents, associates, and or employees have investment positions consistent with the above-stated investment opinion.
CONTACT:
Pluvia Securities Research
Steve Pluvia
e-mail pluvia2@aol.com |
