Shares in the pinksheets listed penny stock of American Fiber Green Products Inc. (OTCBB: AFBG) jumped in aniticipation of their 10-K filing. AFBG shares gained 27.91% to close at $0.55 on volume of nearly 617 thousand traded on one of the cheap otcbb penny stocks in the market. The company released their 10-K after the close of trading.
American Fiber Green Products announced earlier yesterday that the company executives had scheduled a meeting in order to finalize plans of opening a Florida-based abandoned boat recycling operation. AFBG expects to release details of a formal plan for the operation and its funding on May 8th.
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AFBG Stock Snap Shot:
Market Cap: 6.26M
(Dec 5, 2011): 0.79
(Aug 18, 2011): 0.15
Avg Vol (3 month): 37,750
Avg Vol (10 day): 29,357
Shares Outstanding: 11.38M
AFBG reported their 2011 financial results when they filed their 10-K on Monday. Highlights of the audited report was that Revenues increased to $100,394 from $0 the year before and a Gross Profit of $23,728. This is significant considering the fact that American Fiber green Products had suspended all operations for the past several years while management effected the changes in corporate structure, built a management team, studied the market trends, and generated investment interest in AFBG‘s business model.
Bottom Line: Low Float, Positive Financial Results, Niche Market and Volume. AFBG is a must add to the list of penny stocks to watch for tomorrow. we liked it at $0.59, we absolutely love it at $0.55. Will the AFBG still be one of the cheap otcbb stocks at the end of the week? Probably Yes.
The company is in a growth stage and had several down years after the passing of its original creator. The May 8th announcement regarding the abandoned boat recycling center will be an indicator as to if the company can perform and beat its 2011 financial results.Share