Car Charging Group Inc (OTCMKTS:CCGI) On A Bull Run

Car Charging Group Inc (OTCMKTS:CCGI), the electric vehicle ("EV") charging equipment provider, has a history of making moves. On July 20, 2017, the company put out that Robert Schweitzer had been appointed to the Board of Directors and the company made the majority of the Company's directors independent. The market celebrated the news.BusinessCCGI is a leading expert in the nationwide public EV charging equipment and networked EV charging services. It is an organization operating throughout the United States, facilitating EV drivers at many places. The headquarters of the firm is located in Florida, and it has offices in Arizona, and California. EV adoption acceleration is the primary designation of the Blink Car Charging Inc. The Blink Network is the owner of cloud based software that keeps track of all the operations of the firm in the EV charging stations, thus benefiting cloud based organizations with remote monitoring and management of EV charging stations. Check out this video, wherein the company's CEO, Mike Calise (linkedin), explains that CCGI and the EV industry may see large growth over the next two years. Additionally, note that the company is looking for capital and an uplisting to a bigger exchange.https://youtu.be/89K3HB5gUgcSourceAccording to statistics, stocks that are uplisted tend to experience an upside spike exceeding 25%. Thus, we can expect the share price to rebound if the shares go for trading from the OTC Markets Exchange to the NASDAQ. This is a text from an Seeking Alpha article:

"The purpose of this study was just to evaluate if uplisting was an overall positive effect on stock price. My conclusion is that uplisting is an initial boost to stock price and subsequently, overall market conditions along with the individual stock's fundamentals will become the overwhelming factors behind stock price movement." Seeking Alpha

Recent DevelopmentsOn February 7, 2017, the company announced that Music City Centre, Nashville’s 2.1 million square foot convention center, would provide the nine Blink Level 2 EV charging stations. Also, the CEO of the firm, Mike Calise, stated that “With such an iconic location in downtown Nashville, the Blink charging stations here will not only serve the local community but will also showcase EV charging and sustainability initiatives for the multitude of visiting guests."On May 15, 2017, the company’s financial results were filed on account of the company’s quarterly report on Form 10-Q. The CEO of CarCharging, Mike Calise, quoted:

“Overall, we are pleased with the financial results from the first quarter of 2017. Our strategy to improve operational efficiency is in full swing and combined with increases in direct charging services revenue; we are satisfied with the growth and profit margin target.” Source

According to the financial results for the fiscal year ended on December 31, 2016, the revenue of the firm increased by 7% as of December 31, 2016, whereas the total operating expenses were reduced by a solid margin of 38% due to the in-house development of the customer call center. As of December 31, 2016, owing to efficient expenses management in the operating cost, the net loss decreased by 7%. From March 31, 2016 to March 31, 2017, revenues increased from $209,893 to $224,096. The company also posted a 75% increase in gross profit, a 12% reduction in total operating expenses, and a 30% decrease in net loss.New Director - A national securities exchange?On July 20, 2017, the company put out the appointment of Robert Schweitzer to the Board of Directors. Based on the connection toward the company’s application, the viabilities of getting listed on the NASDAQ highly influenced the decision of appointing Mr. Schweitzer as the board member. The resignation of Mr. Kinard explains the situation that the majority of the firm’s directors has become independent. The new director is highly experienced and is also on the Board of other companies.

"Mr. Schweitzer has extensive experience as a corporate director and in executive management, financial services, and real estate. Mr. Schweitzer currently serves on the Board of Directors for two public companies. He serves as Chairman of the Board for 1-800-PetMeds ( NASDAQ : PETS ) and as Lead Independent Director for OmniComm Systems Inc. ( OTCQX : OMCM )." Source

Michael D. Farkas, CarCharging's Executive Chairman, explained:

"We believe that Robert's executive management and financial expertise will be a great addition to our current Board of Directors and will assist us in meeting the necessary requirements for being listed on a national securities exchange." Source

ConclusionCCGI operates in a growing industry, the electric vehicle sector, with a clear catalyst ahead. If the company is able to be listed on the NASDAQ or the NYSE, many more investors will check the company's profile. Consequently, financing will be cheaper and the recognition of CCGI will increase. It is a great opportunity for shareholders. The market is aware of it, thus every time CCGI announces a new effort to obtain the uplisting, shares are pushed up. Look for this uptrend to continue.We will be updating our subscribers as soon as we know more. For the latest updates on CCGI sign up below.Image courtesy of Power Pros via FlickrDisclosure: We have no position in CCGI and have not been compensated for this article.