ABHD.OB a pump and dump or potetnial investment?
I was listening to Kathleen Hays on Bloomberg radio and she had the ceo of a company called Abtech Holdings discussing what his company does. Basically it owns a water cleaning system called smartsponge. What caught my interest was the mention of Waste Management's involvement and his mention of expected revenue for 2012 of 17-20 million dollars. I then looked at the stock action and was amused that the stocked jumped from .54 to .78 right after his appearance on the show. I fully expected it to retreat which it subsequently did.
I did a little digging about the company but couldn't find enough material to form any real opinion. There is little info on the deal with Waste Management. I did read it's recent 10-Q and in it it warns about the company's ability to continue as a going concern. I also saw that 3 of the top officers are taking salaries around $450,000 despite the company generating anything close to that amount in revenue.
I still have that 17-20 million revenue projection for 2012 in my head (comapny has over 49million shares outstanding) which I am wondering is a connection to the Waste Management deal.
The theory of the company does look interesting, and with fracking needing large amounts of water there seems to be considerable potential.
Just wondering if anyone has done any deeper dd on this or is it just a pump and dump scam.