Pumpers Stop Upper Street Marketing Inc (OTCMKTS:UPPR) in its Tracks
After quite a lot of time of sitting around and waiting for something to happen, Upper Street Marketing Inc (OTCMKTS:UPPR)’s shareholders finally saw what they thought was a light at the end of the tunnel when on November 6, the company announced the acquisition of SPRiZZi – the manufacturer of a clever beverage system that resemblances Keurig’s K-Cup coffee pods. The major difference between the two systems is that SPRiZZi delivers soft drinks.
Immediately after the press release, the volumes started to grow and the ticker began to climb in the right direction. Less than two weeks later, the gains stood at 66% and at $0.50 per share, people thought that this might be just the beginning. Then, however, the pumpers came along and ruined the party.
The now infamous Wolf of Penny Stocks as well as his friends related to the Epic Stock Picks crew pocketed a grand total of $55 thousand and they told everyone who cared to listen how great UPPR‘s position is at the moment. Willingly or not, the management team helped by announcing yet another acquisition, this time of a natural sweetener company called Nature’s Agave.
Neither this, nor the pump managed to give the stock an additional boost. Instead, the increased awareness brought a volume spike and a 26% drop which means that UPPR is now sitting at a little less than $0.37.
So, there you go, the pumpers can ruin just about every stock out there. Having said that, in UPPR‘s case, they probably shouldn’t get all the credit.
Once you take a closer look, you’ll see that the pre-pump push the stock was going through is a bit hard to explain. Indeed, the SPRiZZi idea sounds really clever, but the fact of the matter is, it’s been around for a couple of years now and it has yet to deliver results.
It was first introduced to the general public in May 2013 when Michael Breault, the mastermind behind SPRiZZi, initiated a KickStarter campaign. People liked the system so much, that in a matter of just three days, the $25 thousand target was reached. When the fund raising was over SPRiZZi was nearly $60 thousand richer and Mr. Breault promised that he is starting work on getting the units done and shipped to the people who backed his project. Right now, almost two and a half years later, the backers have yet to receive their machines which means that some of them are more than a little upset.
And it’s not like UPPR‘s previous business endeavors can give you any confidence, either. On September 30, for example, the company had the following figures in its financial statement:
- cash: $54,339
- current assets: $82,839
- current liabilities: $172,655
- NO revenue
- quarterly net loss: $703,555
The figures you see above don’t include the assets and liabilities of SPRiZZi and because of this, some of you might disregard them. You shouldn’t, though.
At the end of September, UPPR had a convertible note with a principal amount of $50 thousand and the holder had the option of turning it (whenever he feels like it) into common stock at a rate of $0.001 per share.