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Been watching this little biofuels company Renew Energy "REER" because I noticed that a member of the Rockefeller family joined the board a few months ago. The stock was around a penny a couple weeks back and now it is just shy of .06 cents. A 5 fold rise in recent weeks on sizeable volume.
I normally don't even bother to look at these little companies but this thing has been like the energizer bunny lately.
Here is the last pr which seems to indicate they actually may have a business.
Renew Energy Resources Launches Legacy Bio-Fuels Friday August 15, 9:50 am ET New Subsidiary to Pursue Waste Vegetable Oil Bio-Diesel Opportunities in Northeast
TAMPA, Fla.--(BUSINESS WIRE)--Renew Energy Resources, Inc. (PINK SHEETS:REER - News) (“RENEW” or the “Company”), today announced that it has formed a wholly owned subsidiary, Legacy Bio-Fuels, to pursue opportunities for a vertically integrated waste vegetable oil facility in the Northeast.
The Company’s business plan has been to identify opportunities by which the Company can facilitate Bio-Diesel production by integrating the financial risk between Feedstock, Production, and Sales. The Company has identified and is currently in negotiations with highly strategic groups focused on accomplishing this goal. The launching of a new subsidiary is the next logical step in the process creating an operating subsidiary by which the company can move forward in the Northeast.
Alex H. Edwards III, Renew Energy Resources CEO stated, “We are extremely pleased with the progress we have made in pursuing a vertically integrated solution for one of the countries most populated areas. Our team has worked diligently to identify the right partners to accomplish this mission and we look forward to Legacy being extremely successful extremely quickly.”
What also intrigued me was a few months back, they secured a traditional 2.5 million credit line so they don't have to sell any shares for capital. You typically don't see any bank extend credit on traditional terms for companies like this. Means either they have contracts in hand, something that may be collateralized or management with great credit or relationships. All of which could be considered good for shareholders.
Obviously risk capital only if interested but at least something to put on a watchlist.
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