On The Move Systems Corp (OTCMKTS:OMVS) Revs To Life
The 1 for 500 reverse split that On The Move Systems Corp (OTCMKTS:OMVS) effected at the beginning of March failed rather miserably at stabilizing the stock performance. The ticker emerged from the split with a price of $0.55 and over the next few months, it experienced several wild jumps and drops, with the price ranging between $1 and $6.
Volatility wasn’t the only problem. The volumes were dismal which means that even the people who jumped in early had some difficulties profiting from the relatively high peaks OMVS registered. At the beginning of the month, they were faced with even more hardship because the ticker simply stalled without warning and it dropped from over $1 per share all the way to a 52-week low of $0.25 in a matter of a few short weeks.
Right now, however, it’s sitting at $1.83 and it appears to be more determined than ever to smash its way above the $2 mark again. There’s some volume as well which means that we have to check what’s going on.
Unfortunately, “What else is new?” was the first question that came to our mind when we opened our database. OMVS is in the pumpers’ sights again and the people who have been around the stock for long enough know that this is not good news. The newsletters responsible for the current campaign include VIP Penny Stocks and its sister outfits and the budget stands at a rather modest $5 thousand.
So, the pumpers are working hard and, if history is anything to go by, they could potentially cause some problems for the near term performance, but they shouldn’t get all the credit for the increased volumes. The company has also been pretty active on the press release front. In fact, in a matter of just a month, the PR machine managed to push out no less than nine press releases and if we have to comment on them, we would probably say that they’re not particularly informative. We might even use the word “fluffy”.
Still, you will be the one to read them and you will decide what to make of them. Before you do that, however, we would like to walk you through some of the highlights (and lowlights) of OMVS‘ latest 10-Q. It covers the period ended May 31 and the figures in it look like this:
- cash: $7,154
- current assets: $14,654
- current liabilities: $1,132,843
- quarterly revenues: $2,250
- quarterly net loss: $337,383
So, the stock is being pumped, the press releases aren’t too convincing, and the financial statement is not exactly perfect. If you think that these problems won’t be enough to stop the virtual office-based company that seems to be sharing its headquarters with VMT Scientific Inc (OTCMKTS:VMTF), Aim Exploration Inc (OTCMKTS:AEXE), and American Magna Corp (OTCMKTS:AMGC), you should probably take a closer look at the SEC filings.
Once you do, you’ll see that over the years, OMVS has picked up about $1.3 million worth of notes which are convertible into common stock at fixed rates ranging from $0.001 to $0.015 per share. Everyone was well aware of the fact that the reverse split from March will push the market price up which, in turn, would give the note holders absurdly big profit opportunities.
And what did the management team do about it? Nothing.
As a result, between April 22 and July 10, some unrelated parties (that won’t need to file anything when they decide to sell) received a grand total of 555,000 OMVS shares valued at $0.01 apiece.
Make sure you bear this in mind while you’re thinking whether buying at $1.83 per share is a good call or not.
