After gathering strong momentum on Monday, the stock of Caribbean Casino and Gaming Corp. (PINK:CGAQ) went down 16% closing yesterday's session at its late-November level of $0.0185. More than 5.2 million CGAQ shares were a subject of intense trade that day, marking a four-fold increase in comparison with the daily average trading volume.
On Mar. 19, CEO Steven Swank flew to Costa Rica to attend a meeting with a potential investor interested in the company's Gamebase project. Later on, he revealed that a major announcement was due to come up either this Friday, or next Monday, at the latest.
An owner of the Sosua Bay Grand Casino, CGAQ offers amusement and recreation services. The company aims to turn into the biggest provider of gaming and entertainment in the Caribbean.
CGAQ has adopted an alternative reporting standard and has made every effort to keep itself on the OTC Pink current information tier. Two weeks ago, the company published its 2010 annual report. As of Dec. 31, its balance sheet shows a net loss of $240K.
So far, the company has only issued 30% of its total authorized stock. Therefore, there are still 350 million shares that will probably see the light of day in due course.