NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Steps Further Down Despite PR
In Wednesday trading the share price of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) dropped by another 9% to a close of $0.14. The ticker lost nearly 20% in three sessions, after peaking at $0.17 in Friday’s short session.
The company posted its latest bit of PR, announcing a partnership with Graphin Co. – a subsidiary of Japanese $2.5 billion company Techno Horizon Holdings Co. Ltd. The partnership includes Graphin distributing NTEK‘s products in Japan. Further, NTEK‘s Nuvola 4K streaming player is being showcased at a currently ongoing expo in Yokohama.
Even though the news hit the wire on Tuesday morning, the ticker didn’t manage a green close but instead recovered from an early morning dip and still closed red despite clawing even further up before the closing bell. Yesterday’s open brought another slide and despite a brief recovery around noon, NTEK still closed the session 9% down.
NTEK managed to log commendable revenues in their last reported quarter ending September 2013. Gaming and media sales have grown significantly and brought the quarterly number to $3.3 million. However, NTEK will need to work out a way to cut costs as that juicy number ended up as a mere $79 thousand in net profit. The company also had a rather small amount of cash on its hands as of the report’s date – $65 thousand.
NTEK has generally been left alone by pumpers, with occasional drive-by promotions and a single more coordinated effort on part of Money Runners that stretched from mid-October to early November and likely helped the ticker’s previous run.
Other big percentile movers in yesterday’s session include Vapor Corp. (OTCMKTS:VPCO) who once again reversed their green run, dropping 10% on heavy share volume to a stop at $1.75. Vitamin Blue, Inc. (OTCBB:VTMB) closed 160% up, a fact made less exciting by the addition of a stock pump by Penny Stock Whispers and the fact that after the surge, the ticker stopped at $0.002 per share.