Bam! Yeah Emeril Lagasse, who’s birthday is coming up in a few days, put Lousiana cooking on the map together with Paul Prudhomme, but Asher Enterprises is putting one of Lousiana’s penny stocks on the map in a big way today. Louisiana Food Company (LUSI) jumped over 180% after our Twitter alert this morning after the Company, who is delayed in their SEC filings, broke out in the early morning. LUSI stock is jumping not because of the revenues for the year ended September 30th, but because Asher owns 9.99% of the outstanding shares and its about to get profiled.
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LUSI Stock Chart
Market Cap: 130.20K
Last: 0.0042, up 0.0022 (110.00%)
Dollar Volume: $19,851
Average Trade Size: 66,476
Issued and Outstanding: 31,000,588
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Three days ago, in advance of their ended September 30, 2012 10-Q filing, Louisiana Food’s President, David Loflin, updated investors by stating that, although the quarter did not supply net income, revenues were approximately $60,000 under a food services management agreement. The issue with htis is not the numbers, but the method.
The last 10-Q filed by the Company was for the period ended March 31, 2012. So basically, we’re missing 6 months of raw data to use for due diligence. We know that on June 18th, Asher Enterprises filed a 13G to indicate their ownership of 3,096,958 shares, 9.99% f the total outstanding shares at that time.
Regardless of the raw data, Loflin indicated that new relationships have been established for the placement of LUSI‘s specialty food and coffee products in retail outlets in all areas of Louisiana, as well as for the sale-in-bulk of certain of their specialty food to restaurants. They need roughly $30,000 to implement this which could be the reason why the stock is hot today.
About LUSI Stock
Louisiana Food Company is focused on the development and commercial exploitation of food-related business opportunities in the State of Louisiana. To date, the Company has developed a line of specialty packaged dry products, a line of specialty pasta sauces and a line of specialty coffee products, and sells these specialty food product lines to distributors, retailers and over the Internet. Because each of the Company’s products is produced locally in Louisiana, the Louisiana Department of Agriculture and Forestry has granted the Company a license to affix the Department’s “Certified” logos on the Company’s products.
Bottom Line: LUSI is having a nice run today and should be on the list of penny stocks to watch going into the next week. Big props to J.T. for catching this one. Revenues of $60k are a good sign that the Company is successfully implementing its business plan. LUSI stock is so thinly traded and with such a small number of shares outstanding that a run to a penny is not totally out of question.
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