Primco Management, Inc. (OTCBB:PMCM) Tanks At the End Of The Week
The stock of Primco Management, Inc. (OTCBB:PMCM) has been declining slowly ever since the start of April but during Friday’s trading it crashed, hard. PMCM lost nearly 22% of its value and dropped down to just $0.0022 per share. More than 155 million shares got dumped on the market, the biggest volume for the last 12 sessions and nearly five times higher than the one from Thursday.
Investors were hoping for some sort of news from the company prior to the start of the session but PMCM have been silent for close to three weeks now. The last PR from them announced that an iPhone and Android application is under development for their medical marijuana dispensary Suzie Q. The app will allow patients to locate the nearest Suzie Q location among other things. Well, for now there is only one Suzie Q but apparently PMCM have plans for more in the future.
That may sound rather optimistic when the financial results of the company are in a such depressing state. According to the annual report filed last month PMCM finished 2013 with:
• $65 thousand cash
• $1.3 million total current assets
• $2.2 billion total current liabilities
• $72 thousand revenues
• $4 million net loss
• $1.3 million total current assets
• $2.2 billion total current liabilities
• $72 thousand revenues
• $4 million net loss
For now the company has postponed the increase of its authorized shares but they are still sitting at 4.8 billion outstanding out of the 5 billion authorized. Maybe that is why investors have started speculating about a possible share buyback. The problem is that the source of the rumors is the blog Sierra World Equity Research.
We have talked about Sierra in a couple of our articles and the fact that the posts on the blog are issued by fictitious 
characters as is oftentimes the information they contain.
characters as is oftentimes the information they contain. In early trading today the stock is trying to recover at least some of its losses currently trading close to 5% in the green at $0.0024. Another marijuana company that suffered a significant drop on Friday – Terra Tech Corp. (OTCMKTS:TRTC), is also making a more pronounced jump at the start of today’s session sitting 11% up at $0.454.
