New Round of Pumps for GroveWare Technologies, Ltd. (PINK:GROV)

GROV_chart.pngAfter getting pumped in early March, GroveWare Technologies, Ltd. (PINK:GROV) are once again targeted by an active promo campaign that launched over the weekend. Seven pump emails for GROV came through over the weekend.

This time the pump is spearheaded by promoters Psycho Penny Stocks and Marquee Penny Stocks, operated by mother company MHC, Inc. and disclosing compensation of $15 thousand paid to advertise GROV stock. The pumps are quoting some old press releases from GROV, as well as charting up projections for revenue growth. GROV‘s revenue did increase over the first three quarters of 2012, but that didn’t stop the company from logging net loss in every quarter. The latest available report of GROV is for Q3 of 2012 and contains the following numbers:

  • $12 thousand in cash
  • $850 thousand in current liabilities
  • $158 thousand revenue for Jan-Sep 2012
  • $358 thousand net loss for Jan-Sep 2012

Part of the recycled touts of the pumps is the 300% YTD increase of downloads of GROV‘s MobiTask application on the Apple store. Sadly, investors may be left wondering if this really is the case as those are in-house numbers and the actual store page for MobiTask has not even accumulated a sufficient number of customer reviews to display an average score.


A very curious part of GROV‘s story is the company’s management. The company’s CEO and sole board member is Mr. Hrair Achkarian – a name our readers may remember from his time spent as president and CEO of Great Wall Builders, Inc. (PINK:GWBU) before it became one of the most horrible pump disasters of last summer that left smoking craters in the pockets of many investors. Mr. Scott Boyes, former CFO of GROV who severed his ties with the company in February and received 500,000 shares as a parting gift from Mr. Achkarian, was also CFO and board member of GWBU along with Achkarian.

GROV‘s promotional history stretches back to the summer of 2012, when the pumps got the stock into active trading. A new wave of pumps started in mid-January and dragged GROV out of flatline mode once again. Over 30 promo emails have been dispatched for GROV since Jan 15, with compensations ranging from $2.5 to $25 thousand. Despite all the efforts of pumpers, GROV has slipped over 80%, currently at $0.08 per share.

Traders should be extra careful with promoted penny stocks, especially when past promotions have already driven the price down significantly. Do your own research before investing in any stock.

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