Shares of Sefe Incorporated (OTC: SEFE), a technology-and solutions-driven company, are down sharply in trading today.
At last check, SEFE shares were trading 12% lower at $0.330 on volume of 859,278. The stock has fallen more than 20% in the last three trading sessions.
Sefe CEO Don Johnston recently issued a letter to the company’s shareholders and the investment community. In the letter, Johnston provided an update on the status of SEFE’s technological developments and operational changes.
Johnston said that SEFE’s engineering team has been extremely busy and the company has filed patents on a number of aspects of its Harmony III system.
Johnston said that as SEFE’s research and methodologies have progressed, the company has realized it needs a better balloon launch and retrieval system and therefore SEFE’s scientists designed the Balloon Launch Assist system, which utilizes a secondary balloon on top of the primary lift balloon.
Johnston concluded that the company has set a number of milestones on the path toward commercializing the Harmony III.
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