Imogo Mobile Technologies Corp. (OTCMKTS:IMTC) Goes Down
The multy-million pump for Imogo Mobile Technologies Corp. (OTCMKTS:IMTC) might still be going on but the stock crashed for a second day in a row and the drop was much bigger. IMTC started to slide right after the opening bell and in less than an hour of trading found itself down at $0.45. For the rest of the session it was unable to recover closing at $0.46.
This prompted the infamous pumper Stock Castle and its affiliate Penny Stock Profitz to issue another round of email alerts in the evening calling the drop a healthy pullback. Well, investors should have realized by now that there is nothing “healthy” in dealing with IMTC. The company has only been able to get the attention of the market after a hard mailer started to circulate among investors coupled with the creation of a landing page. According to their disclaimers the promotional budget for the campaign is going to be $3 million.
The involvement of Stock Castle is an even greater red flag. Their previous pump for Nevada Gold Corp. (OTCMKTS:NVGC) ended disastrously with NVGC getting suspended by the SEC. Now the company is trading on the grey market for just 9 cents per share significantly lower from the $0.40 before the suspension. The similarities between the two pumps continue with Stock Castle disclosing the same compensation of $800 000 while the paying party is once again Wimtak Systems LTD.
The last financial report filed by IMTC covers the period ending August 31, 2013 and it reveals the following:
- cash: $0
- total assets: $0
- total liabilities: $144 thousand
- revenue since inception: $0
- quarterly net loss: $867
That is right, back then IMTC had ZERO assets.
Yesterday the SEC once again intervened and suspended the pumped stock of Centor Energy Inc (OTCBB:CNTO) showing that they are still paying close attention to the pennystock market. Playing pumped stocks is always risky but IMTC require even more caution to be exercised before attempting any trades with their stock.
