AJ Greentech Holdings Ltd (OTCMKTS:AJGH) moved up by more than 5% after the company’s Form 10 K/A filing with the Securities and Exchange Commission was made public. In its filing, the company notified its results of operations for the year ended on December 31, 2013. The company also updated the series of events that took place during the year 2013 in its filing.
Results Of Operations For 2013
The company posted revenues of $640,579 earned by its Chinese subsidiary through sales of methanol-based and ethanol-based fuels for the period ended October 31, 2013. At the same time, its Taiwan Subsidiary made sales worth $159,854 till the period ended December 31, 2013 as against $3,678,606 sales attained in the earlier year. AJ Greentech Holdings Ltd (OTCMKTS:AJGH) gross margins were up at 6.8% in 2013 versus 2.2% in the previous year. The gross margins represent decrease on account of spinning off from the Chinese Subsidiary in October and an increase as a result of an acquisition of Taiwan subsidiary in November of 2013.
Join Hands With Dalei Auto
Apart from the results, AJ Greentech Holdings Ltd (OTCMKTS:AJGH) also updated investors about its new collaboration with Dalei Auto Group. As per the agreement entered in, the two companies will join hands to design and manufacture components to be used to make railroad systems more energy efficient. Both the companies enjoy a sound R&D background, and, therefore, the collaboration will combine the best of the two worlds in creating the environment friendly railroad system that currently functions at a high value. The two companies have together developed certain components in the past as well, and the present agreement highlights their healthy relationship. AJ Greentech’s such progress in the field of renewable energy certainly puts its competitors like Green Plains Inc (NASDAQ:GPRE) in a more challenging environment.
AJ Greentech Holdings Ltd (OTCMKTS:AJGH) has not seen a single higher high since its listing way back in 2010. It has been a one way traffic for the stock with the direction fixed at down. In 2012, the stock tested the support of $0.01 and bounced back very sharply. That same support has pushed the price up again last October and as long as that remains protected, the bulls can keep their hope, as the initial signs of buying are showing.