Echo Automotive, Inc. (OTC:ECAU) f.k.a. Canterbury Res Inc Trying to Recover

Echo Automotive, Inc. (OTC:ECAU) f.k.a. Canterbury Res Inc is trying to recover losses from the previous two sessions in early trading today.

The previous two days ECAU lost 40% and then another 29.38%. At the time of this writing the price is up 19% at $1.63 per share.

To get back to the highs from Jan. 29 ECAU would have to gain more than 100%. That’s unlikely, mostly because ECAU is a pump job. It seems the people behind this pump are the same who pumped Stevia First Corp (PINK:STVF) back in March 2012.

There are some other reasons too. ECAU claims it’s the developer of technologies that allow the conversion of vehicles to fuel efficient hybrids. The problem is the company hasn’t proven it can make any money.

ECAU became a publicly traded company after a reverse merger with a shell company, which had recently done a forward stock split. ECAU has extremely limited current assets and more than a million in liabilities. It also hasn’t generated any revenue. All tell-tale signs of a pump scheme.

The company hasn’t filed anything since Dec. 18, 2012. It has, however, made a couple of announcements. ECAU is supposed to be an exhibitor at an NTEA trade show in March.

Until ECAU can prove otherwise, there’s little reason to believe it would do any better in the long run than the previous companies touted by the same promoters.