TANARIS POWER (OTCBB:TPHX) announced that it obtained the rights to a product evaluation deal with United Airlines. The deal was originally executed by firm Tanaris Systems, which is an operating division of Enterprise Asset Management, Inc. Now the evaluation deal has been fully assigned to Tanaris.
The management speaks
The CEO Bruce Farmer said that the opportunity to associate with United is a great honor. It is the largest airline of the world measured as per the destinations served. The management team is thrilled and looking forward to a mutually-beneficial and dynamic relationship in coming period. Tanaris is one of the known manufacturers of Smart Lithium-Ion batteries as well as power solutions for varied industrial applications.
Tanaris declined more than 9% in yesterday’s trading session, in spite of releasing an optimistic piece of press release. It was evident not enough people were impressed by the announcement of the evaluation deal with United Airlines. Even the other PR that stated that the new product line of “Falcon HD” batteries will supposedly offer around 40% more energy density than existing Falcon batteries failed to boost confidence among investors. It comes as a no surprise as the news is released by an OTC market pink sheet company.
When the financials of Tanaris are analyzed, it becomes clear why the investors are not impressed with latest announcements. As per the latest report, the company had cash of just $2,000. The total current assets were no more than $52,000. The total current liabilities came at $72,000. Since inception, Tanaris had failed to generate any revenue. The net loss came at $13,000. The dismal numbers support the sharp decline in Tanaris stock. In last trading session, TPHX stock price declined 9.02% to close the trading session at $0.605 on share volume of 576,874 compared to average volume of 92,726.