Imogo Mobile Technologies Corp. (OTCMKTS:IMTC) Stops Crashing Thanks To Pump Hype
After wiping close to 30% in just two sessions the stock of Imogo Mobile technologies Corp. (OTCMKTS:IMTC) was barely able to avoid crashing for a third session in a row yesterday. IMTC opened at $0.46 but dropped down and remained in the red for nearly half of the trading day. Despite the positive outcome IMTC remained quite hesitant and at closing time were sitting at $0.48, a gain of just 4.3%.
Interest in the stock also dropped to its lowest point for the last 11 sessions with a total of 1.57 million shares changing hands. The number was just barely above the average for the company of 1.53 million shares.
Pumps with budgets comparable to the $3 million set aside for the promotion for IMTC often run for prolonged periods of time and are certainly capable of bouncing back up, especially when they involve the distribution of a hard mailer. However it may be harder for IMTC to do so thanks to the numerous red flags around the company.
In our previous article we talked about the notorious pumper Stock Castle and their previous promotion for Nevada Gold Corp. (OTCMKTS:NVGC) that caused the SEC to suspend the company. And after nearly two months of silence the SEC once again sprang into action this Tuesday when they suspended the pumped stock of Centor Energy Inc (OTCBB:CNTO).
Even if you ignore the risks associated with the pump IMTC will still be surrounded by red flags. According to the latest quarterly report filed by them at the end of August 31 , 2013 they had:
- cash: $0
- total assets: $0
- total liabilities: $144 thousand
- revenue since inception: $0
- quarterly net loss: $867
Then just for the last month they have announced three different products being in development without any new sources of funds. On January 28 IMTC said that they are going to update their ZAOffice email client application. Two days later they began testing a mobile platform for Bitcoin transactions and just this Tuesday they revealed that actually the company is also working on a new virtual payment system. Meanwhile IMTC also signed a memorandum of understanding with Global Digital Systems PLC, owner of the social network SiteTalk Community Inc.
How likely it is for a company with zero assets to complete any of these things is up to you to decide. But keep in mind that back in August last year IMTC signed another memorandum with SideBuy Technologies Inc. that amounted to absolutely nothing because it has not been mentioned ever since.
It is paramount to do your own due diligence before attempting any trades involving pennystocks and even more so when they are being actively touted. Be sure to weigh in all the risks and never take the words of the pumpers at face value.