Shares of US Energy Initiatives Corp. (PINK: USEI) fell sharply in Wednesday’s trading session. The penny stock of USEI ended the day 17.39% lower at $0.0380, with volume up from daily average of 3.04 million to 12.12 million.

Despite the losses on Wednesday, USEI shares are up more than 106% this week.

US Energy Initiatives this week entered into a joint venture for sale of alternative fuel. USEI signed a joint venture agreement with Bulova Tech Labs Inc. Under the terms of the agreement, USEI will distribute a fuel product designed by Bulova to replace the current formulation of gasoline. The fuel product, called A Universal Fuel™, is sold under the brand Singular 96™.

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