Shareholders of TurkPower Corporation (TRKP) have for over a year seen their investment in the penny stock as more of TurdPower than anything else. With a botched deal in a Russian coal mine to a lawsuit against Nalan and Seluck Oral, the shareholders of Avrasya Yapı Yatırım Hizmetleri A.Ş. whereby the Company expects $6 million in damages for breach of contract, the former Turkish-American consulting firm has done little of nothing while the accumulated deficit grows at nearly the same rate as the U.S. national deficit. The question traders have is, now that they are named Zinco do Brasil, Inc. as of August 17, is TRKP stock worth taking a shot on?
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TRKP Stock Chart
Market Cap: 21.65M
Close: 0.088, up 0.0020 (2.33%)
Dollar Volume: $144,538
Average Trade Size: 42,360
Issued and Outstanding: 246,002,365
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As of the end of their fiscal year, May 31, 2012, TurkPower had a net loss of $31,965,914 for the year ended and a working capital deficit of $7,740,282. To rectum-fy the issue, on August 14, 2012, TurkPower entered into a Binding Agreement to acquire 99% of the outstanding capital stock of Zinco do Brasil Minera cao Ltda., a company to be form under the laws of Brazil, with mining interests and mineral rights located in, guess where, Brazil which, obviously, the Company intends to explore and develop.
Zinco do Brasil Mineracao Ltda. owns 30 mineral rights for a total of 44,665 hectares in the Brazilian state of Minas Gerais. The mineral rights are split between two projects: “Salobro”, which consists of 2 mining rights for an area of 1,685 hectares; and “Gorutuba” with 28 mining rights for an area of 42,980 hectares. The Park Avenue mailing address based Company might have forgotten that Jimmy Stewart made famous Miracle on 42nd Street, not Park Avenue.
It would take a miracle for TurkPower to be able to use the $299,298 cash they had as of May 31, 2012 and mine in Brazil with anything more than a hammer and chisel. How anyone who wasn’t willing to dump the stock received via a convertible loan would consider lending the upside down financially Company money is beyond a miracle – its insane. But that’s why they have Ryan E. Hart as TurkPower’s CEO, CFO and Executive Chairman, to enforce the methods the Swiss-American financial investor based in Istanbul and New York learned after working several years at Credit Suisse and UBS in the fields of Equity Trading and Portfolio Management – change the name and put lipstick on the pig.
About TRKP Stock
TurkPower Corporation has been a Turkish-American consulting and service operations firm and junior mining company. TurkPower offered its domestic and international clients consulting services and planned to act as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey.
In November of 2011, the Company ceased all operations in Turkey and has been attempting to sell its Turkish subsidiary. During 2012, the Company impaired its entire mining company investment. Most recently, TurkPower amended their Certificate of Incorporation to change the name of the Company to Zinco do Brasil, Inc.
Click here to view the SEC filings for TRKP.
Bottom Line: The volume traded on the penny stock Friday was likely cross trades in preparation of something due to happen here shortly. If TRKP had their 246 million shares outstanding and a price of 0.0088, they might be worth a swingers party, but at 0.088, traders are likely to take a turkish bath on this and should watch out for the Brasil effect.
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