After a failed attempt at penny stock glory, Sky Power Solutions Corp. (SPOW) announced after the closing bell that it is preparing for mass production. Many traders remember SPOW stock jumping out the gate on July 16th gaining 88.89% to 0.085 with nearly $100k in volume within 15 minutes of trading only to go “splat” and close at 0.035. Well, the Company is short listing component manufacturers and detailing its retail distribution strategy in, what Company is calling, preparation for mass production.
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SPOW Stock Chart
Shares Outstanding: 24,907,316
Authorized Shares: 110,000,000
Recently Converted Debt:
75 million shares @ $0.01813
A whopping 607,675 shares traded on Monday as SPOW closed up 0.006, 24.00%, at 0.031. Monday’s total volume is less than half of what traded the first 15minutes on July 16th.
According to Mr. Charania, President of Sky Power Solutions Corp., various component manufacturers who have contributed so far to the development of pre-production units will have an advantage over new providers. Sky Power is said to announce the short listed component manufacturers in September, with final selection by the end of 2012. The Company’s solar concentrator will also be distributed by retailers, whereby large renovation centers and/or club type retailers would be ideal for clients to obtain our product along with a network of pre-authorized installers and service professionals.
About SPOW Stock
Sky Power Solutions Corp. entered into a license agreement with Li-ion Motors Corp. (LIMO) on April 15, 2008, for the license of the technology related to the development of their lithium battery technology. The Company also leased space within Li-ion’s plant and created a chemical lab and manufacturing facility to begin work on the lithium battery technology it had licensed.
Currently, Sky Power has, under development, a Stand Alone Residential Solar Concentrating Electric Power Generation System. The Company’s system has proprietary elements that make it unique, with better functionality than other systems. The Company designed and developed this system as the North American Power Grid will not support the recharging of anticipated sales of total electric vehicles and other electric needs in the coming years.
Bottom Line: SPOW has its ceiling set already for a penny stock after the massive debt conversion that occurred just prior to the pump of the stock. Weird how that just seemed perfect timing for those debt holders. In any case, avoid SPOW at anything over a penny and delete it from your watchlist for the time being.
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