PRRY - Ready To Make A Move off Its Bottom?

PRRY traded at $.75 a share almost a year ago and has since fallen to $.01 a share, which is the stocks 52 week low. Since hitting that low the stock has consolidated between $.01 and $.04 a share and closed Friday at $.0245.



The chart above shows a stock that has fallen almost everyday for the last year. I think that is about to change.

I feel this stock is well over due for a counter trend rally and I think it could see $.10 or better if investor interest comes back into this stock. I think the April $.01 price is as low as you will see for this stock in the near and long term. Recent comments from the CEO released in late April tell shareholders why the stock has fallen and what they are doing to get the share price moving in the right direction going forward. This put a floor under the stock, and should point the stock in the right direction going forward.

Here is an excerpt from the April 21st CEO comments:

The Company understands that many have been waiting a long time for news. We were not able to publish any news on advice of counsel up to this point. It became obvious to management that investment capital could not be raised due to the recent drop in share pricing and that PetroLuxus sales production had to be established before continued investment could be made. Planet's management had no desire to further dilute our shareholders at such low share pricing and believes through sales of our PetroLuxus products the Company's stock price will turn around. Therefore, we are now totally focused on the sale of PetroLuxus products. We expect the sales of PetroLuxus products to continue to increase through the upcoming quarters, thereby establishing a firm financial foundation for the company to work from. Once this base has been established, we will begin selectively resuming other operations, but with a better understanding of the issues to give us an improved chance for success. Regardless of our current state of affairs, our management and employees are committed to the success of your company. Once again the Company realizes the success we seek is mutual with our shareholders and will not be possible without the vision of investors and support of shareholders like you. We will remain focused on attaining our marketing goals for PetroLuxus for the remainder of 2011, as we feel it will be our best year for revenue generation ever.


The bottom line going forward is the company does not plan on diluting shareholders and they are making progress in terms of renewing forward momentum within the company, which should translate to gains for the stock going forward. PRRY is a stock to watch and I believe it will rebound smartly from here.