Worldwide Internet (OTCMKTS:WNTR) Remains Shaky Despite MMJ Hype
Worldwide Internet (OTCMKTS:WNTR) has been actively traded for no more than seven and a half months and it’s fair to say that its performance over that period has been quite turbulent. As you probably know, the ticker received some extensive promotional coverage during the first few weeks of trading and the results of it were absolutely catastrophic. In just twenty-nine days, WNTR managed to plummet from $0.19 per share all the way to less than a penny and it has been struggling to get out of the double-zero levels ever since.
All the while, the company has been issuing press release after press release and each one sounds more optimistic than its predecessor. Announcements about the entrance into the mineral exploration industry, about multi-million dollar acquisitions and private placements, and about a potential uplisting of the stock to one of the national exchanges have appeared on WNTR‘s profile at Yahoo! Finance on almost a daily basis. As is clear from the chart at the beginning of the article, however, they have failed to inspire a more consistent movement in the right direction.
Like many of the more unattractive enterprises on the OTC Markets, WNTR have recently taken a look at the opportunities presented by the legal cannabis industry. On February 18, they said that they have signed a letter of intent for the acquisition of a website called Hemp Market Watch and this marked the last significant jump for the ticker. Over the next two sessions, however, it slumped back and lost around a third of its value. Three days after the signing of the LOI, on Friday, they said that the deal has been closed and WNTR once again managed to go up by around 12% finishing the week at $0.0044. But is there anything to suggest that this time, it will be able to sustain this valuation?
As we mentioned in our previous articles, the figures found in WNTR‘s latest financial report aren’t really substantial enough to grant the ticker an uplisting to NASDAQ or AMEX. They aren’t even in line with the market cap which, according to OTC Markets’ website, is closing in on the $3 million mark.
Even when you check out WNTR‘s latest acquisition, the Hemp Market Watch website, you’ll notice some interesting things. In the press release the company CEO, Frank Kristan, says that he is looking forward to developing “a central source for accurate and updated information on the industry“. At the moment, Hemp Market Watch looks like little more than a blog with less than twenty entries on it consisting of either press releases, or articles taken from other internet portals. It was registered on January 15 which means that it will need some time before it can start generating significant traffic and, on the whole, it looks like there’s a lot more work to be done before it can become a successful information source.
All in all, the press releases (there’s been ten of them over the last month and a half) look like little more than an attempt to entice investors into taking a look at the stock. The announcements sound exciting enough, but so far, we can not see the optimism being translated into any sort of consistent performance and there can be no guarantees that it will result in a more solid balance sheet.
If you do think that WNTR‘s future is bright, you might want to do a lot of due diligence before putting any money on the line. Checking out some of our previous articles and the red flags surrounding Mr. Kristan is probably a good call as well.
WNTR isn’t the only ticker that ended last week in the green. Some message board rumors sent Focus Gold Corp (OTCMKTS:FGLD) flying and it managed to close Friday’s session with no less than 187% in daily gains. US Energy Initiatives Corp Inc (OTCMKTS:USEI) too had an interesting day. Like so many other OTC listed tickers, USEI got transformed into a pot stock recently and some promises of wealth and fortune found in a press release from Friday helped it jump by no less than 25%.
