This morning most investors are going to be tracking those stocks which may have made a big move on Thursday and one of those stocks is that of Methes Energies International Ltd (OTCMKTS:MEIL), which ended up with gains of as much as 50%. The company saw its stock soar after it announced yesterday that it had finalized the acquisition of Earth Friendly Products Inc, a company based out of Celebration in Florida.
On Wednesday, MEIL stock moved up 48.56% to $0.0670 with more than 66.91K shares, compared to its average volume of 121.97K shares. The stock moved within a range of $0.0445 – 0.0675 after opening trade at $0.0668.
Methes Energies International Ltd. Acquires Florida-based EarthFriendly Products, Inc.
The company is best known for manufacturing bio-lubricants like b2 biOil. It is an acquisition that could prove to be highly synergistic for Methes. The aim is to combine the efforts of the two companies and build the products upon the platform that Methes deploys so as to come up with a higher varieties of products.
The previous Chairman and Chief Executive Officer of Methes, Michael G Laporte, spoke about the development as well. He noted that over the course of the past three years, Methes had been on the lookout for a synergistic partner so as to continue to promote its bio-renewable products. At the same time, the aim was to boost value for shareholders and it was Earth Friendly Products which matched all the criteria.