About five years ago, someone who does not deserve mention told me and a few other people in the vicinity about some hot idea. It had something to do with IGEN Networks (ticker IGEN). I could not figure out the opportunity at the time, which is why I ignored it. Five years later, the market can't figure it out either.
The stock has traded in the pennies for something like several years. The retained earnings deficit is -$7M and growing with every quarterly loss. I cannot recall the last time I have seen such a severely negative profit margin, operating margin, or ROE even in a penny stock. The business model has something to do with cloud, M2M, and wireless. I hear that all the time from Silicon Valley companies with serious experience and solid partnerships. I don't have to waste my time with anything else.
I do not feel sorry for the investors who bought the stock from January to March 2009, before that year's 1:100 reverse stock split. I don't know why I held onto this reference for so long. I should clean out my archives more thoroughly. There is nothing else worth saying about IGEN Networks.
Full disclosure: No position in IGEN, ever. I am too smart to do that, ever.
