Green Energy Solution Industries, Inc. (SATM) yesterday announced that it has certain targeted projections for revenues over CND$15 million annually from the Green Energy project With Alberta Energy and On-Track Technologies.
After market close on October 11th company released news that it awarded with part of this grant for the study completed by Green Energy Solution Industries (GESI) of the use of waste wood. The total of the grant award under the Biorefining Commercialization and Market Development Program Grant Agreement was for a total cost of CND$355,000, of which $177,000 was being awarded in the first phase.
Green Energy Solution Industries, Inc., (GESI) is an Alberta Canada based Corporation which recently took controlling interest of SATMax Corporation which is a publicly traded on the Pinksheets currently as SATM.
GESI was incorporated in 2007 and has undertaken project development in Alberta Canada for the creation of a waste wood to energy project. GESI began the project development through years of wood waste potential for energy creation in Western Canada.
Today (October 12th) Company announced that it is in the immediate process of finalizing current information as required by OTCMarkets to regain a more current alternate reporting status.
OK, let’s break down some hard numbers:
otcmarkets.com: SATM Security Details
Market Value1 $3,043,568 a/o Oct 11, 2011
Shares Outstanding 72,465,899 a/o Mar 31, 2011
Float 66,487,044 a/o Mar 31, 2011
Authorized Shares 900,000,000 a/o Mar 31, 2011
Par Value 0.0001
Simple math tells us that this penny markets has been diluted over 18.5M shares since end of March. Part of these shares have been already absorbed by market judging by a few high volume trading sessions.
Anyhow: we’re expecting more news from the Company. Put SATM on your watchlist – this penny stock may surprise you.