New_Global_Energy Inc. (OTCQB: NGEY) saw some activity during today’s market session with way above average volume on no news resulting with a 12% gain in stock price by market close.
The Company is focused on acquiring high-growth firms, assets and properties in the Aqua-Farming, Agriculture, and Health & Wellness industries and operates a tilapia farm in the Coachella Valley. New Global Energy’s wholly owned subsidiary Aqua Farming Tech produces over 1,000,000 tilapia during each spawning season in the Spring and Fall which can fetch $3.60 per pound.
In addition, New Global Energy recently announced a joint venture agreement with the world’s largest Moringa farm, located in Leon, Nicaragua. The 180-acre farm is a leading source of nutrient rich Moringa. Moringa has small, rounded leaves that contain protein, calcium, beta carotene, vitamin C and potassium among other nutritional values and has been a food source for at least 4,000 years.
New Global Energy Inc. has created a new corporate entity; Moringa Reserve LLC., to develop, operate, distribute and sell Moringa-based products to U.S. retail markets and is currently in the process of testing Moringa Protein Bars with several companies for manufacturing and distribution.
One other notable announcement the Company made on March 2, 2016 was the approval of a stock buy back program of up to 600,000 shares. CEO Perry West stated: “At the current valuation, we believe the repurchase of our stock is a good use of funds that will reduce our public float by about 25% and demonstrate our commitment to enhanced long-term shareholder value.”
The shares will be purchased from time to time in the open market and the timing of purchases will be based on the stock price and other market factors.
The Company stock price closed at $0.348, up $0.038 cents with a 52 week range of $0.214 to $3.70.