EKO International Corp. (OTCMKTS:EKNL) Touted By Xtreme Picks Once Again
The stock of EKO International Corp. (OTCMKTS:EKNL) didn’t manage to attract investor interest for quite some time after the dumping fiasco from the end of 2012. Xtreme Picks were involved in the whole deal back then and it seems that they are back for another round.
There is no listed compensation for the promotion, but we suspect that there was some profit for the pumpers or people close to them, because after all we don’t suppose that they are running a charity. The deal is that this is not the first shell that Mr. Ricco DiBenedetto is involved with, that has been targeted by Xtreme Picks and we don’t like to believe in coincidences.
Another shell at which Mr. Dibenedetto is at the helm is Bryn Resources, Inc. (OTCMKTS:BRYN). History shows that a big part of the deals with both companies was the filing of a form 15 for voluntary termination of the registration with the SEC, which was not made according to the rules, since both companies weren’t current with their filings and should have been suspended.
Still, the SEC let it slide, as it did with a lot of other companies and the stock presses started printing shares. Back then, the company was called Tomorrow’s Morning, Inc. and the share count jumped from 6.2 million outstanding shares to 246 million in a short period of time.
As you may probably have already guessed it, the numbers of prime interest from the company’s financial filings aren’t something that encourages you to invest. EKNL bares the caveat emptor sign in the OTC markets and their latest report covers the period ended September 30, 2012. Back then EKNL had.
- cash: $0
- current assets: $38 thousand
- current liabilities: $236 thousand
- revenues: $0
- net loss: $14 thousand
We reckon things haven’t changed that much since then. The latest news available on the company website date back to October, 2012, but that didn’t stop the stock from making a massive jump in yesterday’s session.
The promotional emails did their work and EKNL blasted off with the start of the session, reching as high as $0.2279, but became unstable and closed at $0.1599. While the gain in price came at 128%, the dollar volume at which EKNL finished the trading day came at $571 thousand.
Still, considering the “success” of Brownie’s Marine Group, Inc. (OTCMKTS:BWMG), who were touted by Xtreme Picks on April 9, we might see a serious correction very soon.
This is reason enough for you to do your due diligence and weigh out the risks, especially when dealing with companies that have such a history.