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by Stockwatch Business Reporter
The TSX Venture Exchange added 2.76 points to close at 398.43 Thursday. Urs Meisterhans's thinly traded Summus Solutions NV (SS: $0.50), which has been acting like a shell on the TSX-V for seven years, has now been downgraded to the NEX. It joins many other former TSX-V issuers that have fallen out of favour and have become NEX shells.
Summus Solutions, formerly called Warrior Energy NV, began trading as an Alberta oil and gas explorer in 2002. At the time, it had one property in Garrington, Alta. Warrior's stock peaked at
$4.95 in the summer of 2008, when the company acquired a natural gas property in Wyoming. Unfortunately, whatever potential the deal had fell victim to poor timing -- markets crashed later that year, and Warrior's stock plummeted along with the rest of the market. In October, 2009, the company handed over its Wyoming property to a creditor, Macquarie Bank Ltd., to which Warrior could not repay a $3.43-million (U.S.) debt. By this time, the stock was at 16.5 cents.
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