World Moto, Inc. (OTC:FARE) f.k.a. Net Profits Ten Inc Brags About Lack of Progress?
World Moto, Inc. (OTC:FARE) f.k.a. Net Profits Ten Inc is currently being pumped by Awesome Penny Stocks (APS), and Friday’s performance was due to the pump.
FARE closed up 13.41% at $0.2529 after 41.8 million shares had changed hands. Shortly before the close, the company published a press release bragging about being covered by media. The press release is mostly about articles in Wired and Fast Company.
As I have mentioned in a previous article, the Fast Company publication is from nearly two years ago and calling FARE‘s gadget a “$3 billion dollar idea” is based on nothing but an estimate by Paul Giles, CEO of FARE.
The Wired piece is also from early 2011 – March 15 to be exact. If anything, both articles show that in two years the whole Moto-Meter thing hasn’t gone anywhere.
So why is FARE‘s share price going up? The obvious answer is that it’s because APS is pumping it, and a lot of traders are hoping for a repeat performance of what some previous pumps APS have done.
In one of their latest emails the pumpers say “we have featured several great companies in the past few months…” While inspiring, this statement is in sharp contrast with reality.
The previous APS pump was Superior Venture Corp (OTC:SVEN), which was neither a great company, nor a decent pump. Even those who knew it was a pump had a very short window to make a profit before the whole thing crumpled, and those who bought in are now looking at huge losses.
The one before that was TagLikeMe Corp. (PINK:TAGG). The stock of that “great company” is now down about 90% from the peak of of the pump. With TAGG traders who played like a pump had the chance to make some nice profits, but the rest who believed in the claims of the pumpers got burned.
As you can see on the chart of FARE, it’s similar to that of TAGG. The question which stands now is not if FARE will crash, but when. Unfortunately, the answer is known only to those who organized the whole scheme. However long it takes, some traders will have to take the hit on FARE when the dumping starts.
