Shares of the mobile solutions provider, GroveWare Technologies Ltd. (GROV) are seeing some wild movements early this trading sessions. The way that the penny stock is trading is reminiscent of when the shares of Sunpeaks Ventures (SNPK) first landed on the OTC market in March. GROV stock price was 0.51 after Friday’s trading session and are already down -0.255, -50.00%, at 0.255 and are a required addition to the list of penny stocks to watch.
Could GROV stock be the next APS penny stock to buy?
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GROV Stock Structure
Shares Authorized: 500,000,000
Shares Outstanding: 307,500,000
Insider: Hrair Achkarian, 200,000,000 (see here)
Out of no where, and with the stock structure that a real good run would need, Groveware Tech’s GROV stock has the one feature you want to see: a 50 for 1 forward stock split effective May 29, 2012. Is this the next AwesomePennyStocks pick? It sure has the stock structure for it.
The Company reported revenues prior to their merger with ePhoto Image to the tune of $30,481 for the three months ended March 31, 2012 compared to $8,715 for the same period the year before. The key phrase used in the SEC filings was “proof-of-concept and trial installations with several state and federal government agencies.” ChaChing!
GROV Stock History
On April 6, 2012, ePhoto Image, Inc. entered into an Agreement and Plan of Merger with GroveWare Technologies Ltd., a privately held Delaware corporation and ePhoto Acquisition Corp., a Nevada corporation and wholly-owned subsidiary of ePhoto Image, Inc., pursuant to which GroveWare merged with and into Acquisition Sub with the filing of the Articles of Merger with the Nevada Secretary of State on April 9, 2012 and became a wholly-owned subsidiary of the Company.
In accordance with the terms of the Merger Agreement, at the closing an aggregate of 4,000,000 shares of ePhoto Image, Inc.’s common stock were issued to the holders of GroveWare’s common stock in exchange for their shares of GroveWare. Immediately following the closing of the Merger Agreement, the Company transferred all of its pre-merger assets and liabilities to its former officer and director, Yong Feng Sara Yi, and shareholder, Namuun Ganbaatar, in exchange for certain indemnifications, waivers and releases, along with the cancellation of an aggregate of 5,600,000 shares of ePhoto Image, Inc.’s common stock and the cancellation of related party loans in the amount of $39,154.
On May 14, 2012, GroveWare Technologies Ltd. approved an amendment to the Articles of Incorporation for the purpose of increasing the total authorized shares from 100,000,000 to 500,000,000 shares. Concurrently, the board of directors approved a forward split whereby each shareholder will be issued 50 common shares in exchange for each 1 common share of their currently issued common stock.
About GROV Stock
GroveWare Technologies Ltd. is a leading provider of mobile solutions to enterprise and government, connecting workforces by mobile device to a wide selection of back-end systems and helping businesses, institutions and government departments and agencies to enhance productivity and reduce costs by mobilizing and automating business processes.
GroveWare’s showcase software, MobiTask, is a wireless client application compatible with all smartphones and tablets including: iPhone®, iPad®, BlackBerry®, PlayBook™, and all devices using the Android™ or Windows Mobile® wireless platforms. MobiTask mobilizes employee tasks in the field and connects them directly to the organization’s enterprise software systems. MobiTask allows organizations to rapidly and cost-effectively deploy mobile solutions for workers on the go.
Click here to view the SEC filings for GROV.
Bottom Line: GROV needs to be on the list of penny stocks to watch and eventually jump on for a bull ride of your 2012 financial summer. There is a very strong possibility that this is the next APS pick based on a) share structure, b) ambiguity of the CEO, President, and c) the PPS.
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