NuTech Energy Resources Inc. (OTC: NERG) was informed Jan. 29 that it has been given a designation of Caveat Emptor by OTC Markets. In response, NuTech filed its third-quarter financials with OTC Markets on Feb. 1. As of Feb. 1, the company will be current in its obligations with OTC Markets.
NuTech has been building a foundation of affiliates that include qualified legal and accounting professionals. The reason for retaining these professionals are, as stated in recent press releases, directly based on the company's intent to uplist to a higher exchange. Accordingly, NuTech has initiated the audit process.
NuTech says that it has taken a conservative accounting approach by not assigning value to its technology, equipment, and gas reserves until the independent audit is completed. Management believes that the company will be eligible for uplisting, since, in consideration of these values, it is believed that NuTech should easily meet the criteria.
While NuTech has a general policy of not responding to items posted on social media or investor message boards, the company will acknowledge that, in the effort to meet the requirements of a higher exchange listing, NuTech does have the intention to execute a reverse split.
NuTech Energy Resources is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. NuTech currently operates wells in the Powder River Basin area of northern Wyoming.