QED Connect, Inc. (PINK:QEDN) has been lingering on the $0.0001 line for about a year, randomly spiking up to $0.0002 every now and then. Yesterday, volume was 3 million traded shares, which is way below the average value.
Throughout October, the company has been diligently issuing press releases. First, at the beginning of the month, the company announced that its Board of Directors had made a decision to buyback up to 10% of its outstanding common stock. Over the course of 90 days, the buyback program is expected to reduce the outstanding shares by almost 1 billion.
Subsequently, on Oct. 26, QEDN announced that it had completed 30% of the announced share buyback strategy.
Also in October, QEDN spread the news that its joint venture partner, Sofame Technologies, had adeed Blake Group Inc. to its sales organization. Blake Group Inc is a company which is providing heating system services.
In addition, QEDN was pleased to see that Nazz Productions Inc, a film and television entertainment company, had produced a score for a new suspense thriller. According to an agreement between QEDN and Nazz Productions Inc, Nazz is to become a wholly-owned subsidiary of QEDN.
QEDN is a holding company which intends to make acquisitions, investments and strategic business partnerships. According to the company's quarterly report, its finances have been ripped by a huge gap between assets and liabilities. There are $53 thousand in total assets, whereas liabilities exceed $2.7 million. In addition, there are no revenues at hand, thus the bottom line ends up with a $26 thousand in net loss.