USA Graphite Inc (OTC:USGT) Pump May Be Done For
Yesterday USGT closed down 7.94% at $0.58 per share. The volume reached 800 thousand shares. More importantly the Stock Castle pumpers stopped mailing on Sunday. There are still paid posters on investor message boards but their impact is usually negligible.
The other recently hyped up graphite company – National Graphite Corp. (OTC:NGRC) failed miserably too, but it’s a couple of sessions ahead.
The reaction of the company after two drops was to issue a press release which only tries to add to the hype by providing an irrelevant comment on Samsung’s success with graphene. Why is that irrelevant?
For starters USGT is nowhere near producing graphite let alone graphene. Additionally, the press release doesn’t even contain a significant comment. A sentence saying USGT is “excited” hardly qualifies.
The other relatively new development was the filing of an 8-K about the employment agreement with Wayne Yamamoto, the CEO of USGT. The company is supposed to pay him $2 thousand per month. As per their latest financial report, USGT has enough cash to pay Mr. Yamamoto for one month.
Hopefully, readers didn’t buy the hype, or if they did, they got out in time.