Recently we discussed VELA as oversold / potential poviting candidate at www.greenbackers.com .
In the last 10months or so, the company has had a string of acquistions and is set to ramp up sales significantly into second half of 2012.
Today we'd like to expand a little here at Seeking Alpha with a bullish report out earlier
VELA saw a reverse split yesterday....Actually ended up flat (not bad for a first day of trading on RM)
Symbol is temporarily been changed to VELAD
After the 100-to-1 split…up 100% today on BIG news for their wireless power back up news with giant China Mobile…now symbol VELAD…
VELAD reports today that that its subsidiary VN Technologies, a leader in developing hydrogen fuel cell green energy technology, has completed its initial round of test trials commissioned by China Mobile Limited.
China Mobile has submitted a comprehensive report of the test trial results to key ministries of China's Central Government. Meanwhile, China Telecom Corporation has also commissioned VN Tech to construct trial test sites in Beijing on its behalf.
China Mobile is the largest mobile telephone operator worldwide (based on number of subscribers 650 million) and is the driving force behind the Global TD-LTE Initiative. China Telecom is China's largest fixed line telephone company, and also provides data, multimedia and other telecommunications and information services to more than 200 million subscribers. Both companies deploy thousands of telecommunications base transceivers and other infrastructure that require back-up power needs.
"These test trials with China's two top telecommunications operators build confidence for the operators and for the Chinese Central Government to develop a standard to replace out of date back up batteries with hydrogen fuel cell power. I strongly believe the entire industry will shift towards green energy in the near future," predicted President of VN Tech, Mr. Hongye Luo.
VelaTel also announced that China's Communications Standards Association,www.ccsa.org.cn/english, has entrusted Mr. Luo to head the technical committee that will develop national standards and specifications for the use of hydrogen fuel cells in the telecommunication industry. After adoption, these standards will also be submitted to the Telecommunications Standards Sector of the International Telecommunication Union. The strong support from China Mobile and China Telecom positions VN Tech's product to become the "industry standard" for fuel cell systems in China. Mr. Luo's leadership role in developing standards and specifications also creates the prospect for VN Tech's fuel cell specifications to be adopted as the official "government standard" in China, and eventually worldwide.
Note: Change in shares following split has not been adjusted at Yahoo yet
0.70 0.35(100.00%) 1:13PM EDT
- VelaTel's Subsidiary VN Tech Advances Its Plans for Green Energy Technology in ChinaGlobeNewswire(Wed 10:03AM EDT)