More Speculations and More Unusual Trading Around Press Ventures Inc (OTCBB:PVEN)
It all started at the beginning of September. Quite a lot of people were expecting Awesome Penny Stocks’ (APS) new pick and people on message boards and social networks were suggesting that it will be Press Ventures Inc (OTCBB:PVEN). They were wrong.
APS’ next victim turned out to be PacWest Equities Inc (OTCMKTS:PWEI) but it all turned sour when just three days after the start of the pump, the SEC stepped in and put an end to the farce by suspending PWEI‘s stock. One of the most infamous outfits then gave it go with Pacific Clean Water Technologies, Inc. f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) and this time, the regulatory organ let the campaign run for more than three weeks. It too, however, was cut short minutes after Friday’s closing bell.
In that sense, PVEN‘s shareholders should be happy that their company didn’t become APS’ target but even so, they did get attacked by other pumping outfits and, predictably, things didn’t go quite according to plan. Four emails were received before the start of September 4’s session from a variety of promoters (all of them disclosing no compensation), the most famous of which was David Cohen. Unfortunately, the effects were quite pitiful. The ticker did jump during the initial minutes of trading and registered a new 52-week high of $0.57. It quickly tumbled down, however and when the closing bell rang, it had lost around 17% of its value. The newsletters continued to send alerts and some of them like Penny Stock Fanatics still insisted that PVEN is about to be picked up by an influential outfit in the stock promotional world.
Apart from the odd volume spike, the speculations didn’t really affect trading and soon after that, everyone seemed to have forgotten about PVEN (apart, of course, from the people who got burnt on the pump). During the last couple of days, however, we have been witnessing some more unusual activity around the ticker.
A couple of hours before the start of Friday’s session a new press release hit the wire informing investors that PVEN have developed a unique online engineering application that will allow users to check out every single benefit of the CLO-D biosafety system and configure a custom one that will suit their own needs. Apparently, traders were thrilled. Six and a half hours of intense trading resulted in an all time volume record (19.2 million shares) and a price gain of 2.96%. Indeed, it sounds like a great development, but is this piece of news enough to generate such a huge interest?
We’re not so sure. While trading over the last couple of weeks hasn’t been particularly active, there are still people watching the ticker and some are still adamant that PVEN is, in fact, the next Awesome Penny Stocks pick. Certainly, with PCWT now axed, APS do need to find a new company to tout (unless, of course, they decide to do the sensible thing and retire), but is this enough of a reason to put your money on the line? And even if it is, with the SEC now paying close attention to APS, things could easily go pear-shaped leaving you with no time to react.
Another press release hit the wire after the end of yesterday’s session which could suggest that we’re in for an interesting day. The rumor activity also seems to be intensified this morning, but this can’t guarantee that the ticker will move in the right direction.
In any case, when you are considering jumping into a penny stock, you should be looking at the facts, rather than the speculations on Twitter. And in the case of PVEN, the facts state that, as per their latest financial statement, they have:
- total assets: $0
- total liabilities: $53 thousand
- no revenue since inception
- quarterly net loss: $72 thousand
Make sure you tread extremely carefully.