Sometimes, all it takes to restore investors' faith in a company is an encouraging letter from the boss.
Investors in New York-based Applied Minerals (OTC:AMNL) received just that on Thursday, when the global producer of halloysite clay and advanced natural iron oxides heard from newly-minted CEO Mario Concha.
It was Concha who took over when Andre Zeitoun resigned in early September. It was also Concha who said “the other Directors and I strongly believe that the current management team is now properly positioned to achieve the Company's commercial goals.”
Concha then assured shareholders she would “bring the same level of dedication to the job as I did during my tenure as a President of the Chemical Division of a Fortune 500 company.”
Concha also expressed confidence in those around her, particularly former BASF official Sharad Mathur, now Applied’s Chief Technology Officer.
“Dr. Mathur is an accomplished inorganic chemist with a great deal of experience working with aluminosilicate clays. He has visited most of our major prospects and shares my optimism regarding our future.” The good vibes from the letter rubbed off on investors, who early Thursday afternoon raised the stock price 34% to 2.68 cents, on just over 5,000 shares.