SoOum Corp (OTCMKTS:SOUM) shares were up 23.19% on Wednesday to $0.00850 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.09. The company has a market cap of $73,185.00 at 68.82 million shares outstanding.
SoOum Corp is a Physical Commodities Trading firm that is specializing in arbitrage based transactions of Physical Commodities, as well as offering an internet based Trading Platform, allowing costumers/subscribers to be a part of a unique community of Physical Commodities Traders, Suppliers, Buyers, and Procurement Agents engaging in the purchasing and selling of Products and Commodities across the globe.
In its press release, SoOum Corp stated it has completed the “strategic” acquisition of Western Grade LLC, which is a privately held company specializing in all facets of civil, commercial, and residential construction, in exchange for 42% of the ownership of common stock of SoOum Corp.
Western Grades September 2016 pipeline report consists of various projects at different stages. The Company has six jobs in progress with a combined contract value of over $900,000.00 USD, four more contracts are in the bid phase, and recently, another two awarded. Both newly awarded contracts combined will add approx $210,000 USD to the overall revenue stream of the work in progress,” the press release indicated.
It also added that the company has completed projects for companies and governments over the last several years. These projects consist of drainage ponds, US highway and road paving, sewer treatment facilities, evaporation lakes, and road maintenance along the US-Mexico border. Western Grade remains focused on enhancing business development along with SoOum Corp.
Last year, Western Grade LLC generated approximately $5 million in revenue, carrying on with its operations since 2001. It started with a tiny budget, rental equipment, and a few workers then has since accumulated $4 million in assets and has hired 45 employees.
DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.