If only every company could just watch their stock price rise after a name change. Sweetwater Resources, formerly trading under the ticker symbol SWTR, is now known as Centaurus Diamond Technologies (OTC: CTDT). The company saw its stock price more than double today. After closing at its all-time low of $0.095 Friday, the stock opened at $0.097 this morning and quickly rose from there. After a high of $0.30 later in the day, it dropped a dime and closed at a still-respectable $0.20, resulting in a 110.5% increase.
Centaurus Diamond Technologies’ stock volume was a record-high 25.5 million shares, which far exceeded its recent average of 1.34 million shares. The stock started trading publicly on May 4, 2012, and had showed very little activity until June 12, 2012, when the number of shares traded went from 0 to 928,999, faster than a sports car. On June 20, 2012, volume jumped to two million shares and that number rocketed to more than 16.1 million just before the 4th of July fireworks went off.
The company just received permission to change its name to Centaurus Diamond Technologies to better reflect its core business, which is manufacturing diamonds that are similar to diamonds found in nature. The company acquired Innovative Sales last month.
Centaurus Diamond Technologies, based in Las Vegas, Nevada, consists of a team of professionals in the diamond industry. The company’s goal is to provide consumers with an alternative to natural diamonds. The company crystallizes diamonds using a proprietary procedure, and has patented a revolutionary procedure that manufactures diamonds at a rate much higher than current technologies. The company is still in the process of developing a prototype and moving on to full commercial production within the next year.
Centaurus Diamond Technologies announced a new website just two weeks ago. On June 19, 2012, the company announced the addition of two new directors, Wayne Prentice and Bryan Kerrison. Prentice is a qualified gem cutter with more than 20 years of experience in the gemology field. Kerrison has 15 years of experience in the field and works as a marketing advisor.
On June 29, 2012, the company’s stock was promoted on the penny stock watch list, albeit for unusual trading activity. It is not known why the company’s stock volume has exceeded the one million mark in the past few weeks. However, some experts believe it is due to a promotion, given the upsurge of press releases the company has been releasing. Was changing the company’s name and ticker symbol just another promotion amid all the hype? Keep watching the stock and find out if Centaurus Diamond Technologies continues to climb, or if it is destined to fall.