African Copper, Corp. (OTCBB:ACCS) Enters Turbulent Promotion
The promotion of African Copper, Corp. (OTCBB:ACCS) is still sparkling and new, but it already went through a turbulent period. The ticker is newly active, after being barely traded in the past months and years, but on Thursday it added more than 35% to $0.149. But those levels we arrived at only after a huge crash, as the paid pumps started with a huge sell-off that depressed the ticker from an amazingly high price of $1. 
It is unknown what caused the massive selling, although it could possible be insider transactions that made use of the promotion. Also, ACCS managed to successfully delete its past, and since the beginning of May is no longer under the name New York Tutor Co. ACCS managed to go very quickly from educational services to copper mining. 
Let’s see what the old business left the company with:
- $30,035 cash
- $173,262 total liabilities
- Zero revenues
- $17,185 quarterly loss
It seems ACCS did not manage to organize or provide any educational services in an urban area, and one is left wondering how it would organize mining on another continent. The new company already announced it intends to buy copper and silver leases, but so far mining is very far into the future.
A 13-D filing with the SEC reveals how ACCS switched identities. On April 2nd, the company’s CEO and president Andrew Stone acquired 720 million shares for $18,000, and later retired 620 million shares in exchange for a promissory note for the amount of $9,300. This left Stone with 100 million underpriced shares, which he could continue to sell for profits, given that even the depressed price of ACCS is high enough.
The reintroduction of ACCS in its new identity is courtesy of Penny Stock Fanatics. According to our records, some of the emails are free of compensation, and may be a way for pumpers to boost records. Most of the emails were clustered around May 9th. The Bull Report boosted the campaign, calling ACCS a “monster pick”, but the ticker erased its value too soon.
ACCS will have to show if it is able to withstand any dramatic moves before the weekend. Watching the publicity surrounding the company will help to estimate if ACCS will have a longer active period and will achieve something of a climb. But given the record of the pumpers, the risks remain high. Penny Stock Fanatics is know for its loud and panicky messages, and one of its selections, Swingplane Ventures, Inc. (OTCMKTS:SWVI) reflects this in its graph. The ticker went up sharply after the January campaign, but wiped out most of its value soon after.
