, Inc. (OTCMKTS:SEEK) Still Climbing

0SEEK_chart.pngOver three trading sessions the share price of, Inc. (OTCMKTS:SEEK) has increased fivefold, going from $0.0003 to $0.0017. Traders are obviously getting increasingly excited about SEEK, with nearly half a billion shares traded yesterday.

The initial surge in interest happened on July 16 and was followed by a press release from the company on the very next day that fueled the hype and coincided with several minor pump emails targeting SEEK. What has SEEK going on about it that should get investors in such a fuss? It would seem the answer to this is, not a whole lot. SEEK had until recently been stamped with the Stop sign on OTCMarkets.

The company is still in the Pink Limited Info tier as its latest report is a quarterly for the period ended Fabruary 2013. The company’s previous report is dated September 2011, which means investors had to sit through a two-year informational blackout, which in turn would explain why SEEK‘s price was fluctuating near the absolute minimum.

The report for the quarter ended February, which was made public just two weeks ago, contains the following:

  • $3 thousand in cash
  • $1.4 million in current liabilities
  • $100 thousand in quarterly revenues
  • $9 thousand in quarterly net income

The figures don’t precisely reflect a booming business. With no yearly filings for fiscal 2011 and 2012 from the company, SEEK has a way to go until it turns into a fully reporting company, as the management intends according to the last bit of PR.

SEEK owns a number of domains and supposedly operates a number of local search engines that should help customers find local businesses and services. In reality, what SEEK seems to be doing is squatting a number of domain names for years on end, while the websites on those domains are virtually defunct. We tried to find an attorney in several U.S. states through one of their services but were only greeted with a ‘notfound’ page. The dentist search site run by SEEK contains exactly five listings of dentists as of the time of writing, arranged alphabetically. The best of the bunch is probably their therapist search engine, hosted over at therapists dot net – a naming fiasco that you will leave you wondering whether you’re about to stumble onto the website of some rather inappropriately named punk band called The Rapists.

Those domains are presented as what could be the company’s most valuable asset and the PR states high-profile Wall Street firms have shown interest in them, without, of course, mentioning any names. Why non-functional websites with Alexa rankings in the millions would be of any interest to a major company is never explained.

9LQMT_chart.pngOther big movers among yesterday’s OTC stocks include Liquidmetal Technologies, Inc. (OTCBB:LQMT) who dropped 40% after a crazy Wednesday session that sent the price through the roof, trumping the volume record set over the previous session. Xumanii, Inc. (OTCMKTS:XUII) – the seemingly immortal Awesome Penny Stocks pump, climbed another 10% yesterday, to arrive at its all time high of $0.44 per share.

You may also like...