Chancery Resources, Inc. (PINK:CCRY) Will Not Stay Down on a New Pump
A month seems to be a good period to wipe out the memory of investors and make them hungry for previously forgotten stocks. This is the case of Chancery Resources, Inc. (PINK:CCRY), a dizzying mover that we’ve been tracking in the past months- and by dizzying we mean the head-spinning losses this ticker incurs right after the paid promotions stop.
Now, CCRY is up again, and more than 150 million shares were mopped up from the market, following the advice of a promotional email by BreakoutStocks.com. All the while, CCRY is touting its new business model, ozone cleaning and laundry services, after the pink sheet became a vehicle for AirTrona, a producer and distributor of the technology. The company has announced a ticker change may be coming in the near future, when feasible.
The stock of CCRY will probably remain highly volatile in the next few days, despite the potential of AirTrona’s business. So far, the company has accumulated the following resources and liabilities:
- $87 thousand in ‘checking’ assets
- $150 thousand current liabilities
- $181 thousand total income
- $8 thousand net loss
CCRY has managed not to bury itself into debt, but this has little to do with the potential of a $0.0012 stock, which threatens to slide to triple-zeroes. A pump may cause a disproportionate climb, and later a correction. The promoter Breakout Stocks received $15,000 for a one-event campaign, with the paying party ODD Marketing LLC. In the newsletter disclaimer, there is a warning that ODD may hold stocks of the company and decide to sell them for a profit, negatively affecting the price.
Our records show that ODD Marketing is behind several of the noisiest promotions in the past weeks, and it paid for the CCRY hype at the beginning of March and back in January. Its other picks show quite dramatic movements, such as iMing Corp. (OTC:IMNG), which is now down to a third of the price at the peak of the promotion.
It is strange why CCRY would start another pump as it intends to move on to another ticker. It is possible that an extremely underpriced stock offers hope for fast returns, a last chance before AirTrona gets its time in the sunshine of the OTC markets. With Monday’s high purchases, the stock is ripe for a correction, and it is best to stay away from overly-promoted tickers, unless you could afford the deep losses.