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Wow, that's bizarre. In their IPO prospectus they give themselves a "deemed value" of $26.7M, yet they lost $1.1M in 2007 on revenues of $9.2M, and they lost $162K in the first six months of 2008 on revenues of $7.1M. As of June 30 of this year they had a negative net worth of $1.4M. Although revenues are increasing, this does not strike me as a well-managed company. For a company that has been in business since 1979, those results are terrible!
Their "IPO" is actually a reverse takeover of a shell public company on the Toronto Venture Exchange. These are common transactions in the oil business here in Calgary, but have a reputation that is somewhat less than stellar.
It puts a rather different complexion on the value of Dinan's BMW-quality warranties. Hard to get money out of a company that is bleeding.
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