Imogo Mobile Technologies, Corp. (OTCMKTS:IMTC) Continues Rise on Bitcoin Promise
Imogo Mobile Technologies, Corp. (OTCMKTS:IMTC) continued its solid successful trend of last week, adding a further 36% to its price, stopping at $0.695, on buying volumes that gradually increased to $3.2 million.
The reason for the climb is easily seen- a combination of PR and a promotional email. The email, a free message from Lions of WallStreet, arrived on January 30th, and though most of the momentum was already added to the shares, it helped build on the trend. The real climb, though, gradually started when IMTC said it would be joining the Bitcoin community through its online platforms.
While IMTC tries to work on the virtual currency, its regular SEC filings show less satisfactory income and reserves:
- cash: $0
- total assets: $0
- total liabilities: $144 thousand
- revenue since inception: $0
- quarterly net loss: $867
Now, IMTC claims it is testing a secure mobile platform for BitCoin transactions- but it is not clear when the technology would be operational, and when it would start to bring in revenues.
IMTC, however, has done what all desperate OTC companies do- send out a paper mailer, copied onto a landing page. The email is just the latest addition, as Lions of WallStreet try to improve their record by selecting a stock with strong upward momentum. IMTC is trading at a three-year peak price, and neither the volumes nor the growth and positions look sustainable without special efforts. So be aware that for IMTC, the loss may arrive sooner rather than later, and it may be a wonder that the trend has kept up so well. Now, the new market opening would show if IMTC would survive into the new week.
The budget for the paper and internet promotion of IMTC is $3 million, which might mean a long and sustained promotion. While paper mailers land and the page attracts viewers, IMTC might find more support than it deserves, from new investors or older ones that are enjoying the ride to the top.
In the case of paper mailers, success is mixed. For Fresh Healthy Vending International, Inc. (OTCMKTS:VEND), when combined with way stronger financials and business promise, the glossy brochures proved successful in two separate campaigns. Now, the ticker is slowly trying to conquer the $4 levels again.
Others, like The Alkaline Water Co, Inc. (OTCBB:WTER) are less successful, as the ticker reached a dollar, barely, at the peak of the promotion, and has deflated slowly ever since.
If you like IMTC, don’t bet on its success following the stratospheric rise of the Bitcoin phenomenon. More likely, be aware that the paid promotion is to fizzle out at some point, so either be prepared with a good time frame, or be ready to absorb losses.