Business Services Industry
Investors buy dubious firms' stories, stock; Rising market spurs gush of attention for weak businesses with strong PR.(News)
Crain's New York Business, December, 2003
Byline: aaron elstein In the past three months, shares of Centurion Gold Holdings Inc. have more than doubled to $3.54 a piece in the slipstream of a global gold rally that has pushed the price of the precious metal to its highest level in nearly eight years. But while gold is literally the company's middle name, 7-month-old Centurion possesses no cash, has never generated any revenue and has run up $46,000 in losses.
The company's outside accountant admits that there is "substantial doubt'' that Centurion can survive, and even a Centurion executive says that the company faces major challenges. "The company has got great assets, but it's got to get them operating,'' says Rick Oravek, who identifies himself as Centurion's U.S. representative and whose West...
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