It seems the story of pumps will remain the same that starts with the initial upsurge and then ends dramatically at even lower prices. It appears the case with TANARIS POWER HLDGS INC (OTCMKTS:TPHX). The rapid descent continued in the last trading session as the price declined more than 30% to close the trading session at $0.270. The decline came at a share volume of 696,953 compared to a share volume of 257,841.
Tanaris Power became the target of another round of sponsored promotions by pumper outfit FreeSuperStocks. It has just come on the web, and predictably it doesn’t seem to support the declining stock. The touts just offer the volatility and not stability. As per the latest financial report, Tanaris Power reported cash of $2,000. It recorded net loss of $13,000 and revenue of $0. The total current liabilities came at $72,000 and total current assets came at $52,000. The stock price is also adversely affected by the news of reverse merger and a suspicious management team. In addition the share dumping and toxic dilution is making the picture uglier.
On Wednesday, Tanaris Power announced that it started the development of new range of Osprey vehicle batteries featuring 40% more high density. The new batteries work on the Lithium-Ion cell technology and are named as the “Osprey HD” series. The products are designed to be installed in vehicle retrofit and other custom applications. The company will develop several models of Osprey HD batteries, and they will be ready for evaluation in 4Q2015. They will be made available in different energy capacities.
Tanaris Power CEO Bruce Farmer said that they are delighted to be extending the company’s Osprey battery line. The customers will be delighted with 40% energy capacity gain and it is considered as an important step towards recording vehicle capability and performance.