Press Ventures, Inc. (OTCBB:PVEN) Crushed by Pump
Yesterday Press Ventures, Inc. (OTCBB:PVEN) was announced as the new pick of PennyStocks.com (PS), a pumper which may have been affiliated with Awesome Penny Stocks (APS). The result was abysmal.
PVEN opened with a gap up, got as high as $0.208 per share in the first 15 minutes of trading and then crashed horribly. In a matter of minutes it dropped to a low of $0.05. By the end of the session the price had gone back up to $0.084 which was still a 48.78% crash.
PVEN got a new volume high with 44.6 million shares changing hands. It also go the “caveat emptor” designation on the OTC Markets website.
While there is no solid evidence PS was affiliated with APS, the former has historically pumped the same stocks at the same time. As mentioned in my article on Pacific Clean Water Technologies, Inc. (OTCMKTS:PCWT), not only did the two pump the same stocks, their emails were almost exact word for word copies.
For past pump jobs PS usually disclosed its compensation in Brazilian Reals, and it was usually 10,200. This time, the disclaimer says the pumper expects to receive $250 thousand from an unnamed third party.
PVEN crashed hard, and the obvious reason is the pump job. And while the price took a dive, the generated dollar volume put PVEN near the top of the most active penny stocks on the OTC. If someone was looking at PS as the successor of APS, they are probably quite disappointed now.