Harbor Island Development Corp. (OTCBB:HIDC) on the Verge of Sub-Penny Land
Monday was another red day for Harbor Island Development Corp. (OTCBB:HIDC). The stock dropped over 25% and perched right on the verge of dropping below a penny, closing at $0.0100.
HIDC happens to be one of the bigger pump jobs of last month, at least as far as promoter compensation goes. The party responsible for this fiasco is Victory Mark Corp., the pumpers that repeatedly fail despite the huge compensations they pocket, at least as per the disclaimers of Penny Stock Heroes and Select Penny Stocks – their two children outlets.
HIDC was supposedly a $500 thousand pump but the price action over the course of the promotion doesn’t make that evident in any way. The pumping started on April 15 and the last email that came through from Victory Mark arrived last Friday, right after HIDC logged its last day of closing up. The promoters came up with hilarious promises of 250% gains in their last touts.
HIDC has gone silent on the press release front as well and left with no promoter support and no news to keep up the hype, the stock continued its briefly interrupted descent. We’ve previously covered all the things that are not quite right with the company in other articles.
Victory Mark logged their fourth pump fiasco in a row, starting with Pub Crawl Holdings (OTCBB:PBCW) in December. Then came VuMee Inc. (OTCMKTS:VUME) and Red Giant Entertainment, Inc. (OTCMKTS:REDG). All those previous picks ran very briefly and crashed hard, stopping around $0.01 per share, exactly where HIDC is now.
Traders are advised to watch out around promoted stocks, especially when pumpers’ disclaimers disclose cash compensations in the hundreds of thousands. Basing one’s investment decisions on paid advertisements is an almost certain way to lose your hard-earned cash.
