Virtual Sourcing, Inc. (OTCMKTS:PGCX) Spikes Thanks to New Round of Touts
The last time we covered the stock of Virtual Sourcing, Inc. (OTCMKTS:PGCX) was much for the same reason – they were the target of a paid pump. With all the artificial hype created by the numerous email alerts and the creation of two landing pages PGCX was able to skyrocket and reach its 52-week high of $1.10 per share. Although the first landing page is no longer available the second one still boldly proclaims that PGCX has a near price target of $3 that is supposed to go up to $6.
Well, a couple of months later the company had dropped down to just 5 cents per share. Even after yesterday’s massive gain of nearly 40% it still finished the day below $0.07. Despite all the red flags around the company investors flocked in unprecedented numbers and managed to trade the absolute record for the company number of 7.2 million shares.
The notorious pumper StockMister who played a major part in the previous pump for the company returned once again to them and issued an email tout just minutes after the opening bell. For this they received compensation amounting to $50 thousand from the same paying party as last time – M and M Asset Management. All of the various affiliates of Rising Penny Stocks also chimed in with an email for the much lesser payment of $15 thousand.
We have not received any new touts so the pump more than likely was a one-day effort. And investors should have realized it if they opened the last financial report of the company. It is hard to post worse financial results than the ones from their previous report but PGCX managed to do it. At the end September they had:
$78 cash and total current assets!!!
$437 thousand total current liabilities
ZERO revenues
$68 thousand net loss
$437 thousand total current liabilities
ZERO revenues
$68 thousand net loss
Their much talked about acquisitions of companies earning millions of revenues have still not taken place. The first acquisition should have been completed in October, then was expected to close in November and then was moved to mid-December. Well, there have been no news about it since then but PGCX has not failed to mention their intention to uplist to the NYSE National Exchange in the last 5 PR articles they have issued. It is up to you to decide how likely that is to happen.
With the current market overwhelmed by the marijuana hype there have been few pumps lately. The last major one was the $2.5 million promotion for Tiger Oil and Energy, Inc. (OTCMKTS:TGRO). Since the pumpers moved on to find new targets the company has dropped off significantly barely stabilizing around 40 cents per share. Centor Energy, Inc. (OTCMKTS:CNTO) on the other hand is still climbing up currently trading for $2.5 despite the end of its $500 thousand pump. 