It might not be the best time to buy New Resources Corp (OTCMKTS: NCRE), now known as Colambda Technologies. This is because the company’s shares are currently down by 15%. Colambda previously closed at $0.60 and is now at $0.51.
On Friday, NCRE stock fell 15% to $0.51 with more than 700 shares traded, compared to a volume of 341 shares. The stock moved within a range of $0.5100 – 0.5900 after opening trading at $0.59.
About Colambda Technologies
Colambda Technologies has its headquarters in Nicosia, Cyprus. Before changing its name, in January 2022, its primary operations involved the exploration of uranium reserves. Now the company works on improving the combustion engine to reduce its environmental impact. Colambda hopes to use its technological capacity and entrepreneurship skills to protect the environment.
Colambda has already come up with various products to advance its goal. One such product is the Emissions Zero Module (EZM). This product is a car battery that ensures complete fuel combustion and minimizes waste released into the atmosphere. Another product it creates is the electric vehicle battery which lowers charging time and increases the range of electric cars
Colambda Technologies sites revenues of its subsidiary, Job Aire Group
The company recently announced that its subsidiary Job Aire Group has a new satellite office. The office, which is in Mexico, gives the company better access to the global market. According to the president of JAG, Nick Ammons, the company makes revenues of about $10 million yearly
Almond hopes this move could widen the company’s revenues and help it expand its portfolio. Moreover, it could allow JAG to transition successfully into the EZM module business and manufacture the technology on a larger scale.
In this way, Colambda would have met the purpose it intended for JAG as it acquired the company to help facilitate the marketing of the EZM for general aviation aircraft. The move was also to help Colambda get authorization from the FAA on the use of general aviation aircraft.
Although Colambda is going ahead with its plans to transition the company, it is still awaiting approval for the change of its name and ticker symbol. It is also awaiting its merger with Emissions Zero Module Inc, a company based in Wyoming, to be completed. However, the merger is complete according to corporate state laws allowing the company to continue its operations.
NCRE stock is trading below the 20-Day and 50-Day Moving averages of $0.88 and $0.55 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.74.