Novagen Ingenium, Inc. (OTCMKTS:NOVZ) Gets Half a Dozen Touts

In yesterday’s session Novagen Ingenium, Inc. (OTCMKTS:NOVZ) trader zero shares and closed the day at the exact same price it did last Friday. Obviously the stock that is as dead as a doornail somehow attracted promoter attention, as six new pump emails were sent out last evening, targeting NOVZ.

Promoter Stock Mister disclosed pocketing $22 thousand for offering NOVZ as his new pick. Following some twisted logic, the promoter actually underlines the fact that NOVZ is not trading at all as an advantage, presenting it as a pick that is ready to ‘explode’. The claim that NOVZ has ‘never been touched’ is also not true, as the company was the target of older stock pumps dating back to both March and April.

Stock Mister’s pump calls NOVZ a ‘breath of fresh air’, which is also funny because the draft coming from the company is more than a little stale. NOVZ happens to be a Pink Limited Information enterprise, whose latest available financial report is a quarterly for the period ended September 2012, or just over 7 months old – plenty stale by any standard. The company is late with its yearly report and has been stamped with the Pink Limited Info stamp on its OTCMarkets page. Here are some ‘exciting’ details from the last available quarterly:

• $108 thousand in cash
• $564 thousand in current liabilities
• $3 thousand in revenue for Jan-Sep 2012
• $213 thousand in net loss for Q3 of 2012

Those figures are all over seven months old, with the only filings that come after them being 8-K forms concerning an acquisition and a merger, as well as a change of accounting firms. The acquisition in question was secured with a promissory note whose terms and possibilities for conversion remain rather vague. The financial statements of the business acquired are expected to be filed up to 71 days after the late April 8-K filing. The fact that the company is switching accounting firms just as its yearly report is due also does nothing to boost investor confidence either.

Stock Mister offered other picks in the past and those had very little merit. One recent example is a pump by Stock Mister that targeted Colorado Gold Mines, Inc. (OTCBB:CGLD), launched on April 8. Despite the horrible price performance that followed the pump, Stock Mister pocketed $200 thousand in compensation, and traders who bought on the pump are now squatting on losses ranging from about 50% to 75%.