The stock of Firemans Contractors (OTC: FRCN) dropped in today’s over-the-counter market, despite the company’s positive news of successfully launching its first franchise. In a day of extremely light trading, the stock moved just 19,000 shares, down from an average of 325,441.
Today, August 7, 2012, Firemans Contractors, a commercial contractor offering franchises and commercial services in the pavement and parking lot maintenance industry, announced a successful launch of it first Firemans Contractors’ franchise, “Station 1”.
The franchise was launched in the Dallas-Fort Worth Metroplex, and began operations on July 1, 2012. The company held an official ribbon cutting ceremony on July 14, 2012, to commemorate the event.
Actually, this was not Firemans Contractors’ first attempt of opening a new franchise. On June 25, 2012, Firemans Contractors announced the sale of its first franchise, also located in the Dallas-Fort Worth Metroplex. The franchise agreement was effective the same month, and Fireman’s expected the new location to begin operations July 1, 2012.
With today’s decline, Firemans Contractors now has a total loss of 95.1% since the start of 2012. On January 20, Firemans Contractors traded at an annual high of $0.13 per share. The stock tanked significantly since that point and has been trading among historical lows in recent few months.
Several newsletters have promoted Firemans Contractors, with 10 results found on stockpromoters.com. Firemans Contractors compensated BlueWave Advisor $22,000 on May 3, 2012, for a promotion from Stock Preacher, Blue Wave’s wholly owned subsidiary. Promotions for Firemans Contractors have been scarce recently, which may be the explanation behind the stock’s discouraging performance and low volume. On Twitter, @pennystock24 noted that Stock Guru promoted Firemans Contractor today.
On July 5, 2012, the Board of Directors of Firemans Contractors approved the amendment to its Articles of Incorporation to increase authorized capital for Class B Convertible Preferred Stock in the amount of 5 million shares.
Firemans Contractors is a full-service commercial contractor offering business-to-business commercial franchises and professional services for commercial and government clients in the pavement maintenance and parking lot maintenance industry. Its services include road improvements, pavement maintenance, seal coating, parking lot striping, pavement marking, asphalt maintenance and repair, and ADA compliance.
Firemans’ Contractors is a member of the International Franchise Association and a partner in the VetFran initiative, offering veterans financial incentives following military service. Fireman’s Franchise Development Program provides training and support, including its propriety business management software, Firebase.