Now, company insiders think the correction is overdone.
Last week, three of them loaded up on CriticalControl shares in the open market. On August 16th, director Dennis Nerland, director Murray Smith and company Chairman George Watson each bought 48,875 shares at $.23 and $.24 cents. The move follows buying in May from insider Janice Foore, director William Hammett and company COO Brenton Lawther.
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Calgary-based CriticalControl Solutions was founded in 1999 by current CEO Alykhan Mamdani. The company supplies data management and enterprise content management tools to half the provincial ministries of the Alberta government, but the bulk of its revenue comes from sales to oil and gas companies.
Higher fuel prices means more demand for CriticalControl’s gas composition management, gas chart integration and field device control technologies, particularly in the United States energy service sector, where the company has looked to expand. CriticalControl is consistently profitable, and has grown its revenue from just $23-million in 2007 to nearly $50-million in fiscal 2011. The company’s clients include Suncor, PetroBakken, BP, and ConocoPhillips.
Shares of CriticalControl solutions closed Friday up 4.2% to $.25 cents.