PV Enterprises International Inc. (OTCMKTS:VDSC) Corrects After Jump
The sub-penny realm of OTC-land seems to hold a special appeal with many traders. This was once again proven this week, as PV Enterprises, Inc. (OTCMKTS:VDSC) managed to shift over 340 million shares on Tuesday and more than double in price over a single session, reaching $0.002 per share.
Sadly the jump was just as short-lived as the previous attempts of the ticker to take off, possibly because this time around there were no stock pumps involved, and the ticker dropped 25% yesterday, once again on heavy share volume. Despite the absence of stock promoters, the song remains the same – a jump on no recent significant material news and and underwhelming quarterly report.
We have covered VDSC before, on the occasions when the stock reared its head and cropped up among the most heavily traded OTC tickers. For those who missed the previous articles, VDSC is that same enterprise that was planning to acquire a cruise ship in 2012 and then generate projected revenues in the tens of millions, except the ship in question ended up in a scrapyard in mid-2012. The company is obviously not giving up on its attempts to make money off the seafaring sector.
Even though the company has been very quiet in terms of press releases posted on its Yahoo Finance page,VDSC‘s CEO, Peter Villiotis, informed the public in yet another letter to shareholders dating back to mid-September 2013 that VDSC had a letter of intent signed with a Korean company. The LOI allegedly covers ferrying operations between the city of Yeosu in South Korea and a nearby major tourist destination. Coincidentally, the city of Yeosu was also the host of the Expo 2012 – the event that was supposed to generate roughly $10 million in revenues for VDSC in 2012 with the now-scrapped cruise ship. It seems Mr. Villiotis has learned his lesson and this time around there are no projections of ferrying revenues, just the promises of a successful partnership.
Those who want to make an informed decision despite the failed promises of the past and would like to take a brief look at the company’s current financial situation can’t do that. VDSC‘s fiscal year end is June 30, which gave the company 90 days to furnish its yearly report. Sadly, it’s not out yet and there’s a notification of late filing in its place, stating there’s been a ‘delay in information’. The most recent report is a quarterly from March and it shows a cashless VDSC with $6 million in liabilities and no revenues generated.
Other big volume movers from yesterday’s session include Pacific Clean Water Technologies, Inc., f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) – the latest target of promoters Awesome Penny Stocks, wo had a minor green close and ended the day 2% up at $0.22 per share. Applied DNA Sciences, Inc. (OTCMKTS:APDN) moved nearly $1 million in dollar volume and closed 6% up at $0.10 per share.
