Great Rock Dev Corp (PINK:GROC) Crumbled
According to our database as much as $302 thousand was shed on the heavy promotional campaign for Great Rock Dev Corp (PINK:GROC) that started on Sunday. Since then no less than 43 emails hit our inbox from various pumpers, 6 of which were sent after the end of yesterday’s trading session. The post-trading email from Penny Stock Rumor is quite an interesting one. In a word they wrote to their subscribers to say “sorry”, and there is definitely a reason for their apology.
Despite the enormous touting, the promises and the bright projections, GROC‘s shares closed yesterday’s session with a 37% loss. Penny Stock Rumor, however, claim that the reasons for the crash is not their empty promises, but rather an unnamed “basher” who tried to crush GROC‘s reputation and, according to them, succeeded. While this might have had some effect on the investors’ interest in the ticker, we feel that the real reason behind yesterday’s failure is not something that was posted on the Internet, but rather quite a lot of shares being sold at a profit. Whatever the cause is, there simply was no other way in which the whole thing could have ended.
As we wrote in our previous article, the promotional emails were speaking about the huge potential of GROC‘s mines when, in fact, the company has not been able to dig out a single ounce of either gold or rare earth minerals out of the ground. The pumpers also failed to mention that GROC were until recently a profitable company which is a rare sight in Pennyland. For some reason however, the management team decided to ditch their profitable business and start from scratch with a huge working capital deficit.
The pumpers did no research whatsoever on the management team itself. Had they done it, they would have discovered that GROC‘s CTO, Luc C. Duchesne is currently running two other penny stock companies – NSU Resources Inc (PINK:NOST) and MSE Enviro-Tech Corp (PINK:MEVT) and they might have even told you that the three companies are managing their operations from the same office which, as you can see from the picture on the right, resembles a warehouse.
They also didn’t tell you that NOST recently received 75 million shares of GROC common stock in exchange for some mining claims that seem to be untouched. And they certainly weren’t bothered to mention that in a pump for NOST from about a year ago, they were speaking about the same exact properties.
They could have gone through the trouble of finding all these things out but, unfortunately, they didn’t. And now they are saying that things didn’t turn out the way they hoped? How very considerate of them.
GROC themselves are not willing to disclose all the information, either. Yesterday, when they saw where things are going, they issued a press release which they probably hoped will breathe some life into the ticker. It was about the acquisition of a technology for the extraction of rare earth minerals for which they will pay 10 million restricted shares. That did not effect the price at all and we are still left wondering who got the aforementioned stock.
Nevertheless, some newsletters continued with the promotional effort and we received a couple more emails around 10 PM yesterday. Having in mind the results of the pump so far, we doubt that these will have any significant effect on the ticker’s performance today.
What about recovery from the current situation? Well, there is very little to suggest that GROC will be able to start digging any time soon which means that we’re not expecting much from the ticker in the near future. Having in mind all the things that we discovered during the last couple of days, we’re not even sure that the people running GROC are too bothered about it.
