Resource Ventures, Inc. (PINK:REVI) Buried by Pumpers
Yesterday the promotion for Resource Ventures, Inc. (PINK:REVI) that had run for exactly two weeks exhaled its final breath, as the price crashed 40% in a single session on heavy volume.
The $150 thousand pump for REVI does seem to have finally run its course. The 100+ promotional emails that came through since March 18 did their best to lift the stock, gave the fastest among traders a chance to rake in some quick and dirty cash buying the first dip and now have completely lost their grip on the stock.
We covered REVI extensively as the pump rolled out. The press hype the company released, containing acquisition plans and potential deals worth millions of dollars, obviously was not enough to push the price any further. After balancing it out last Thursday, REVI went in free fall yesterday, to arrive 70% below the spike of the pump.
The image that the pump mails and the press releases constructed, of a company set to acquire solar facilities worth millions and planning bold joint ventures in the ever-attractive field of renewable energy, may have proven a little too detached from the reality that the printed numbers reflect. Once again, for those who missed it the previous few times, the financial rundown of REVI as of their latest report dated December 2013:
- zero cash
- $246 thousand in current liabilities
- $25 thousand yearly net income
Since REVI is a pink sheet company and is not required to file current event reports, those numbers are the only indication traders have of the company’s financial standing and those are not exactly the kind of resources you can use to purchase a solar facility for $3.6 million, unless you don’t mind diluting shareholders to high heaven.
The 40% crash doesn’t necessarily mean this is rock bottom, as a quick look at REVI‘s chart shows that the stock was quietly sitting at 2 cents, or 60% below the last close, for months before the pumps brought it to life.