GROV Stock Showing Signs of Life
Shares of GROV stock (GroveWare Technologies Ltd.) are showing a little life in today’s trading session after a quite week. The stock is up 32% on over 250,000 shares of volume heading into this afternoon’s session. The Company released a “update” press release… that didn’t say much today. Of more importance they also filed a late notice for their second quarter financial statements with the SEC. This is to be expected as they just switched accountants at the end of July.
This is one to add to the watch list to keep an eye on this week, but we would be cautious before “jumping in”.
About the Company:
GroveWare is one of North America’s leading providers of mobile solutions to enterprise, connecting workforces by mobile device to a wide selection of ERP systems and helping American businesses and institutions to enhance productivity and improve profitability by mobilizing and automating business processes. GroveWare’s showcase software, MobiTask, is a wireless client application compatible with all smartphones and tablets including: iPhone(R), iPad(R), BlackBerry(R), PlayBook(TM), and all devices using the Android(TM) or Windows Mobile(R) wireless platforms. MobiTask mobilizes employee tasks in the field and connects them directly to the organization’s enterprise software systems. MobiTask allows organizations to rapidly and cost-effectively deploy mobile solutions for workers on the go.
GROV Recent News
The Company announced today that it is continuing to diversify its customer base for MobiTask, its flagship solution designed to help transition business and government away from paper-based processes to the modern, wireless world. Recent successes in the mechanical contractor sector are now being mirrored by the Company’s expansion into the property maintenance and real estate management arena.
With a growing list of new customers in several U.S. cities, GroveWare sees the building maintenance industry as a huge opportunity for growth in sales of its MobiTask solution and a lucrative and sustainable arena for future revenues.
Recent Financial Statement Highlights
Cash on Hand: $95
Shares Outstanding: 307,500,000 (March 31, 2012)
Revenue: $30,481 (3 Months Ended March 31, 2012)
8K Filing August 7, 2012:
On July 27, 2012, Silberstein Ungar, PLLC (the “Former Accountant”) was dismissed as the Company’s accountant. The Company has engaged Sadler, Gibb & Associates (“New Accountant”) as its principal accountants effective July 29, 2012. The decision to change accountants was approved by the Company’s board of directors.
On May 14, 2012, with the unanimous consent of the board of directors, the Company changed its fiscal year end from April 30 to December 31, the fiscal year end of GroveWare Technologies Ltd., the company acquired by reverse merger on April 6, 2012. In addition, on May 14, 2012 a majority shareholder and the board of directors approved an amendment to the Articles of Incorporation for the purpose of changing the Company’s name to “GroveWare Technologies Ltd.” and to increase the total authorized shares from 100,000,000 to 500,000,000 shares.
Concurrently with the name change and increase in authorized stock described above, the board of directors approved a forward split whereby each shareholder will be issued fifty common shares in exchange for each one common share of their currently issued common stock.
Prior to approval of the forward split the Company had a total of 6,150,000 issued and outstanding shares of common stock, par value $0.001. On the effective date of the forward split, the Company had 307,500,000 issued and outstanding shares of common stock, par value $0.001. The accompanying financial statements have been restated to reflect the forward stock split on a retro-active basis.
Source: GROV 10Q Filed 5-21-2012
Stock Chart and Trading Highlights
30 Day Percent Change: -83.80
30 Day Moving Average: 1.5173
30 Day Average Volume: 53,170
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