Solis Tek Inc (OTCMKTS:SLTK) is a micro-cap stock that has caught fire in recent weeks. The volume started to show up in February in smaller sizes tipping the hand that something was happening for Solis Tek Inc. (OTCMKTS:SLTK) with daily volume of 50,000 here and 50,000 there prices had been sideways for the most part trading around the $1.00 ceiling. This continued through early April when finally the volume exploded sending shares on their current run.
Market watchers can see the daily volume in the chart below and follow the trading action in these shares easily in the yearly chart.
Solis Tek Inc (OTCMKTS:SLTK) is a leading provider of digital lighting equipment for hydroponic cannabis cultivation, reported record revenues for the year ended December 31, 2016 of $8,563,751 compared to revenue of $7,713,456 in 2015. This represents an 11% increase in revenue over 2015. Gross profit for the years ended December 31, 2016 and 2015, was $3,123,859 and $2,719,036, respectively. The gross profit increase of $404,823 or 15% was primarily due to the increase in revenue.
Subscribe below and we’ll keep you on top of what’s happening before $SLTK stock makes its next move.
$SLTK 10-Day Chart Below:
Newly appointed CEO and Board member Dennis G. Forchic (co)-founded five start-up entities over the last 25 years. His experience includes leading multiple early stage growth companies to top line revenues in the mid-to-upper eight figure range prior to exiting through successful sales transactions to the investment communities. One of the transactions, an east coast manufacturing company, had an annual run rate approaching nine figures and 400+ employees at the time of his exit. Mr. Forchic brings national and international business experience and full spectrum business acumen along with experienced leadership skills to the Solis Tek management team.
Over the last 15 months Mr. Forchic has acted as senior advisor to Solis Tek’s Chief Executive Officer, and integrated himself into the agri-grow, hydroponic, and cannabis industry. Mr. Forchic obtained a BBA in Finance in 1988 from the University of Miami. Mr. Lien, co-founder of Solis Tek, Inc., took the additional title of Chairman in addition to his President duties and will focus his efforts on his greatest competencies in sales, commercial customer development, and new product/technology innovations.
Incoming CEO, Dennis G. Forchic, commented “Throughout 2016, Solis Tek’s revenues reached record levels as more states embraced legalized cannabis sales, driving commercial demand for indoor lighting equipment for cannabis cultivation. In addition to securing repeat sales from existing clients, we were pleased to sign new sales agreements with leading industry players such as DNA Genetics, a cultivator of diverse cannabis strains which has won 150 plus industry awards, and GrowBlox Sciences, Inc., a pioneer in the research and development of pharmaceutical-grade, cannabinoid therapies. GrowBlox Sciences, Inc. adheres to strict regulatory and safety standards to support its clinical trials and securing them as a client highlights our credentials as the industry-leading supplier of high quality, premium lighting products for cannabis cultivation. Our reputation for developing highly differentiated lighting products supported by unique and advanced technologies was further demonstrated when we won the DOPE Industry Awards for Best Lighting Company. We expect the ongoing evolution of the legal cannabis market to mobilize a growing network of credible producers of regulated, high quality cannabis which will continue to drive demand for our diverse range of ballasts, lamps and other lighting equipment throughout 2017.”
Year to date Solis Tek Inc. (OTCMKTS:SLTK) is up 400%+ since the move began in February as shares traded as high as $2.78 in this current move on outsized volume, I would caution about the music stopping in the momentum plays (and it always does) where the band of itinerant investors moves to the next town leaving a hallow shaft the deal with as the bulk of the volume disappears in whatever stock they previously possessed.
These are facts for many smaller companies where average investors, many former Doctors and Dentists have made a living momentum trading the hottest sectors. We cover these moves to keep all traders and investors informed so check back with us on movers so we can tell you the – what and why. For continuing coverage on shares of $SLTK stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!