Affinity Mediaworks Corp (OTCBB:AFFW) Crushed by Pump
Obvious pump jobs often crash the day they begin, and this was the case with Affinity Mediaworks Corp (OTCBB:AFFW) yesterday.
AFFW opened with a small gap up, managed to run up to $0.28 in the first half hour then crashed horribly. At the close the price was $0.07 per share – down 48.15% from the previous session and down more than 80% from the pump high.
The pump was carried out by a bunch of newsletters which may be affiliated. The group includes Damn Good Penny Picks, Penny Picks, The Penny Stock Newsletter, and Prepump Stocks.
Despite the name of the last one, the outfit has often been used in the pumps of stocks that have already been promoted by other outfits. One such example was SourcingLink.net, Inc (OTCMKTS:SNET) which had already experienced a crash when the outfit got paid to tout it.
Details about the business of AFFW are sketchy. Their latest quarterly report was filed on May 22, and at the time the company was a shell looking for a private company to merge with. The company had literally no cash or any other assets. There was no mention of Affinity Medical Corp.
This entity was first mentioned in an 8-K filing from Jul. 30 which concerned the resignation of the previous management and the appointment of the current one. At this point there is no filing detailing any merger or acquisition, or the financial state of Affinity Medical Corp.