NF Energy Saving Corp. (NASDAQ:BIMI)

Nothing better than reading about a Chinese Reverse Merger early on a Friday morning. It’s like the smell of napalm in the morning (and not in a good way :-) ). A down thumb doesn’t get much easier than this. (Credit to Joey S.!)

“NF Energy Saving Corporation was incorporated under the laws of the State of Delaware in the name of Galli Process, Inc. on October 31, 2000 for the purpose of seeking and consummating a merger or acquisition with a business entity organized as a private corporation, partnership, or sole proprietorship. On December 31, 2001, Galli Process, Inc. became a majority owned subsidiary of City View TV, Inc., a Florida corporation (“City View”). On February 7, 2002, Galli Process, Inc. changed its name to Global Broadcast Group, Inc. On March 1, 2002, City View merged into Global Broadcast Group, Inc., which was the surviving entity. On November 12, 2004, the Company changed its name to Diagnostic Corporation of America. On March 15, 2007, we changed our name to NF Energy Saving Corporation of America, and on August 24, 2009, the Company further changed its name to NF Energy Saving Corporation, in both instances to more accurately reflect our business after a stock exchange transaction with Neng Fa. Our principal place of business is Room 3106, Tower C, 390 Qingnian Avenue, Heping District, Shenyang, P. R. China 110015. Our telephone number is (8624) 8563-1159.

On November 15, 2006, we executed a Plan of Exchange ("Plan of Exchange"), among the Company, Neng Fa, the shareholders of Neng Fa (the "Neng Fa Shareholders") and Gang Li, our Chairman and Chief Executive Officer ("Mr. Li"). Pursuant to and at the closing of the Plan of Exchange, which occurred on November 30, 2006, we issued to the Neng Fa Shareholders 12,000,000 shares of our common stock, or 89.4% of our then outstanding common stock, in exchange for all of the shares of capital stock of Neng Fa owned by the Neng Fa Shareholders. Immediately upon the closing, Neng Fa became our 100% owned subsidiary, and the Company ceased all of its other operations and adopted and implemented the business plan of Neng Fa.”

If the best you can do on the PR front is the following, you probably shouldn’t be publicly traded:

“NF Energy Saving announces the new contract signed by NF Energy for a total of $700K”

Well, I guess if this beats your entire quarterly revenue for the prior quarter, it’s something to brag about. Revenue is declining precipitously. Cash is running low. Accounts receivable continues to grow further proving you are not able to collect on what you sell (or maybe something even more nefarious is going on). I would honestly be hard pressed to find something positive to say about this firm. I doubt they’re around more than another 12 -18 months.