The Pump for MineralRite Corp (OTCMKTS:RITE) Is Growing Bigger By The Minute
It would seem that the pumpers absolutely love MineralRite Corp (OTCMKTS:RITE). Our database shows that a total of 69 emails worth more than $120 thousand have been sent in the last 30 days alone and that’s quite a lot in anyone’s book. The more aggressive pumping came after the end of last Wednesday’s trading session but unfortunately, the results were not that impressive. Thursday saw RITE lose around 20% of its value and although on Friday, they managed to claw some ground back up, investors don’t seem too impressed. Today, however, is shaping up to be quite a day.
The pumpers have been particularly active during the weekend and investors’ inboxes have been flooded with emails from all sorts of newsletters receiving all sorts of compensations for their bright promises. This time however, RITE themselves have jumped in on the hype and are trying to get some recognition.
Not more than an hour ago, they published their latest press release and is sounds quite exciting. It says that RITE have signed an agreement with a Mexican company called CSI Export and Import according to which RITE will start to supply CSI with their extraction equipment really soon, which means that revenues should start flowing in no more than 45 days from now. Sounds great, but we still have our questions.
Isn’t it too much of a coincidence that the timing of the exciting news and the emails from the paid pumpers match perfectly? Well, let’s see what happened the last time when they were hyped up with the help of both the newsletters and the press releases. It was back in January when they announced that they are shifting the focus of their operations from oil and gas exploration to machinery that will help mining companies extract precious metals in a much more efficient and environmentally friendly way and if you look at the chart, you will see that since then, RITE‘s shares have lost more than 50% of their value.
Our next question is: “Who would want to pay such a huge amount of money for an awareness campaign on RITE?”. Well, we can’t be sure who exactly stands behind all the hype, but we’re quite certain that the person who has shed $120 thousand on a pump will probably want to get his/her investment back. And the easiest way for this would be if he owns quite a lot of stock which could be sold at a profit in case the price goes up.
One thing is for sure, however – RITE would have been a lot better off getting the $120 thousand for themselves since, as we mentioned in our previous article, as of December 2012, they had only $9 thousand in the bank and we’re not really sure if that amount will be enough for them to follow their business plan to the letter.
And for the ones of you who love conspiracy theories, here’s another thing. As we mentioned today’s press release talks about an agreement that has been closed with a company called CSI Export and Import. We did our best and checked every single link in the first five pages of Google Search, but unfortunately, we weren’t able to any information on CSI other than the one posted in the PR. Sure, we do understand that Mexican mining companies are probably not the most prolific Internet users, but we were hoping to see at least a single-page website or even a LiknedIn account. It wasn’t to be.
We’re not saying the CSI Export and Import is the work of fiction, but with pumps where the total budged is that big, some extra caution is never a bad call. You only need to take a quick look at the performance of Great Rock Dev Corp (OTCMKTS:GROC) and you will see exactly what we mean.