Cardinal Resources Inc (OTCBB:CDNL) recently saw a dead cat bounce since reversing off $0.0025 lows. The stock traded big volume as high as $0.70 in January of this year when it was subject to significant promotion.
The promotion on CDNL featured a hard mailer from the Wall Street Revelator with a $675,000 budget paid by Resources Kingdom Limited. The Wall Street Revelator prior picks include winners such as VEND, MAXE and WSTI which ran from $0.80 to $2.25 on their promotion.
Cardinal Resources Inc (OTCBB:CDNL) says they are committed to Clean Water and a Clean Environment. They own the Red Bird System; a patented solar-powered water treatment system with three base production models that can also be customized to specific needs. The Mobile Red Bird, housed in a trailer, and the Community Red Bird System-20, housed in a 20-foot ISO container, producing tens of thousands of gallons of clean water each day at a fraction of a cent per gallon.
A third system, the Community Red Bird System-10, was specifically designed to be air mobile for government use and can also serve a community. The Company also has other systems under development; these are high-tech solutions designed to function in low-tech environments. Cardinal Resources provides innovative systems and solutions to water pollution, wastewater and environmental problems.
The over the top promotional material from the Wall Street Revelator goes on to say ”Engineers of a newly public company have developed a radical breakthrough that can recycle and supply clean drinking water to the poorest, remote areas for LESS THAN A PENNY PER GALLON.
This technological breakthrough is so genius that Cardinal Resources (CDNL) is scheduled to deliver $30 million worth of sovereign guaranteed contracts… and has current agreements that could create a $200+ million backlog at its USA manufacturing plant.
This technological breakthrough combined with a global water shortage and a potential worldwide Ebola pandemic is why investors should consider a move on CDNL, while its shares still trade under $1.”
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The Company has just $200,000 in the treasury and mounting short term debt according to the 10Q filed on November 19. They do have small but growing revenues reporting $937,906 in sales for the 3 months ended September 1, up from $725,146 for the same period last year.
Back in November CDNL updated shareholders on progress in Africa stating that it is continuing to build on its contracted base of work in key countries in West Africa. These contracts, totaling approximately $39.4, include:
Nigeria — Currently underway, this is the first phase of a planned multiphase project to deliver clean water to the people of Bayelsa State. Phase one includes delivering 10 of our largest Red Bird Systems, the CRB-40, larger vertical water tanks, along with supporting infrastructure. This work will be completed in early 2015 and the next phase is scheduled to begin without a break.
Cameroon — The work, starting with final environmental assessments of the sites, has recently commenced. This project which will serve 17 communities across the country, including the capital area, includes 35 CRB-20s, distribution systems, storage tanks, mobile laboratories, and other ancillary services. The contract is scheduled to be fulfilled in 2015.
Senegal — Scheduled for implementation in 2015, with on-going contracted support, is for the design, build, operation and transfer of a solar powered biological waste water treatment system. This system, through the use of proprietary approaches to large scale biological treatment avoids the use of large energy intensive equipment typical in municipal waste water treatment, reducing the energy footprint and increasing the sustainability of the project.
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Currently drifting into oblivion CDNL has minimal assets or revenues and rising short term debt. The stock was the subject of a massive promotion by Wall Street Revelator with a $675,000 budget paid by Resources Kingdom Limited and traded big volume near $1 before an epic collapse to current levels well below a penny. We will be updating on CDNL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CDNL
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Disclosure: we hold no position in CDNL either long or short and we have not been compensated for this article.