A totally unexpected message from Ceiba Energy Services (CEB.V) dropped into my inbox today. I am not surprised because the conferences I attend certainly share my contact info with resource companies all over the place. I'd like to see what this one's all about. Since they're Canadian, I should ask what they're all "ab-oot," eh?
The team members all have long backgrounds in waste processing and energy, so you'd think they would know what's going on. The problem for me is that the share price hasn't traded over a buck since February 2012 and has been on a long, slow decline for much of that time. Any investor who bought the stock since its debut in January 2012 is underwater now.
They have plenty of clients but they're losing money. I searched SEDAR and reviewed the interim financial report they published yesterday. They had $CAD884K in cash on hand as of September 30, a lot less than what they had last December. Their current liabilities have almost doubled since then and the deficit in shareholders' equity has massively increased. I guess that's what they're all ab-oot, eh.
This company used to be called Cancen Oil Canada. I don't care what they used to be called or what they call themselves now. I don't want to hear from this company anymore. I clicked "unsubscribe" to be sure.
Full disclosure: No position in CEB.V, ever.
The team members all have long backgrounds in waste processing and energy, so you'd think they would know what's going on. The problem for me is that the share price hasn't traded over a buck since February 2012 and has been on a long, slow decline for much of that time. Any investor who bought the stock since its debut in January 2012 is underwater now.
They have plenty of clients but they're losing money. I searched SEDAR and reviewed the interim financial report they published yesterday. They had $CAD884K in cash on hand as of September 30, a lot less than what they had last December. Their current liabilities have almost doubled since then and the deficit in shareholders' equity has massively increased. I guess that's what they're all ab-oot, eh.
This company used to be called Cancen Oil Canada. I don't care what they used to be called or what they call themselves now. I don't want to hear from this company anymore. I clicked "unsubscribe" to be sure.
Full disclosure: No position in CEB.V, ever.
