EVGI hit a new 52 week low today and looks poised, in my opinion, to rebound sharply in the short term. The stock closed at $.036 a share, and the 50 DMA of a little over $.08 would be the first point of resistance on any rebound.
EVGI has fallen dramatically since last fall and saw tremendous money volume at much higher prices. The company issued news yesterday, which brought some buyers in, but the stock did not budge. I think that will change at some point in the short term.
| Shares Outstanding |
78,445,539 |
a/o Jan 18, 2012 |
| Float |
14,348,397 |
a/o Jan 12, 2012 |
| Authorized Shares |
Not Available | | | |
Eco Ventures Group Announces Update on Purchase Order with Agri Liquid Products
GROVELAND, Fla., Feb. 8, 2012 /PRNewswire via COMTEX/ -- Eco Ventures Group, Inc. (OTCBB: EVGI) announced today that it has a production update regarding its Blanket Purchase Order from Agri Liquid Products of Sandy Hook, Mississippi. The purchase order agrees to purchase all of EVGI's initial 3.6 million gallon per year production for 120 days following the plants first fuel production. The purchase order is for ASTM Fuel only and EVGI must now begin production by April 1, 2012. EVGI is in the process of completing its bio fuel production facility in Groveland, Florida. ASTM Fuel is currently selling at an average price of $3.35 per gallon. At current market prices, the purchase order is valued at approximately $12 million dollars.
"This is an important purchase order for EVGI and we expect production to begin in early Q2. This confirms our commitment to the bio fuel market and its continued expansion," said Randall Lanham, CEO of Eco Ventures Group.
About Eco Ventures Group, Inc.
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