The appointment of new personnel to the board of a company can often be a boost to a company’s stock but that did not happen with the CGE Energy Inc (OTCMKTS:CGEI) stock yesterday.
Market Action
On Wednesday, CGEI stock slid 2.70% at $0.72 with more than 931 shares, compared to its average volume of 6K shares. The stock has moved within a range of $0.7200 – 0.7300 after opening the trade at $0.73.
Board Member Adds Faith-Based Investing Background
On Wednesday, it emerged that Bruce Bruinsma, who is the founder of Envoy Financial and His Kingdom Resources, had joined the CGE Energy board of directors. However, investors did not react well to the news and the CGE Energy stock went down by 3%. It was a continuation of the downward trend in the stock and the decline took the losses over the course of the past week to as much as 13%.
However, at the same time, it is perhaps necessary to keep in mind that the appointment could in fact come as a significant boost for the company. The President and Chief Executive Officer of the company Bryan Zaplitny spoke about the development as well. He stated that he sort of talent and expertise Bruinsma possessed, he will be able to help the CGE Energy board in delivering the best possible returns to the investors. Hence, it could be a good idea for investors to perhaps keep an eye on the stock in the coming weeks.
Key Quote
Bruinsma is founder and CEO of Envoy Financial, a faith-based retirement plan provider. He also co-manages His Kingdom Resources Fund, a private equity firm that invests in early-stage companies that develop disruptive, high-impact technologies positioned for exponential growth and altruistic impact. In addition, Bruinsma co-founded several businesses that financially support ministries and communities in the United States, Europe and Asia. He holds an MBA from the University of California, Berkeley and has more than 40 years of professional experience in retirement planning and finance.
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