iTalk Inc (OTCBB:TALK) Slipping on News
Yesterday before the open, iTalk Inc (OTCBB:TALK) issued its latest fluff press release, but it didn’t do anything good for the price. Instead the stock slipped further down.
TALK lost another 7.48% closing at $0.6199 on nearly a million shares. It was a new low in the short trading history of the stock.
The press release stated TALK was “pleased to announce a strategic business expansion…” Supposedly the company has new wireless products aimed at the ATM and POS industry. David Levy, CEO of TALK said most “ATMs and POS devices use dial-ups or leased lines…”
That’s a strange comment, since wireless solutions have been around for years. There are full-service terminals, which are indeed more expensive than dial-ups, but there are also many companies which offer different technologies allowing to migrate dial-ups to connect over standard networks, wireless or otherwise.
The pumpers touting TALK were quick to redistribute the press release, but even their efforts weren’t enough to keep the price up.
In fact, the pump campaign may weigh heavier on the stock in the recent wave of suspended stocks pumped through paper mailers and landing pages. The latest two were Norstra Energy Inc (OTCBB:NORX) and Biozoom Inc (OTCBB:BIZM).
The fact that the company is still to release a report with any concrete numbers, doesn’t help its credibility. The quarterly for the period ended May 31, 2013 isn’t due until mid-July which only raises more questions like: Is it a coincidence that the pumps started around May and the fiscal year end for TALK is August 31?