Imogo Mobile Technologies Corp (OTCMKTS:IMTC) Smashes Through the $0.50 Mark
Trying to tout a company that has absolutely no assets is probably not that easy and if there isn’t an interesting business plan, things could become even more tricky. Probably that’s why Imogo Mobile Technologies Corp (OTCMKTS:IMTC) announced recently that they’re entering the bitcoin community.
Apparently, they’re going to develop a special mobile platform that will allow you to securely use the virtual currency on the move and that, coupled with their revolutionary email technology prompted Andy Carpenter to say that IMTC is poised to “clean Microsoft’s clock“. His words were copied on a landing page, printed on some colorful brochures and sent out to investors around the US.
Mr. Carpenter’s claims are very bold and very optimistic and we can see from the rapid rise in the share price and the huge volumes that some investors probably think that he might be onto something. We can’t imagine that Bill Gates is too scared though.
If Mr. Gates has read through the fine print on Andy Carpenter’s expose, he would have seen that the whole thing is being distributed for a total budget of $3 million. He would therefore know that this is a paid pump and he would probably guess that it’s not going to end well for IMTC‘s stock.
Of course, there will be some of you who will point out that the price is actually going up at the moment and you’d be right. The ticker closed yesterday’s session with around 24% in gains and early trading today seems mightily positive as well as another 24% have been added. About an hour after the opening bell, the price is sitting at $0.635 which, considering the 73.5 million outstanding shares, would result in a market cap of around $46.6 million.
If you have taken the time to look through IMTC‘s balance sheet, you’d know that this sort of valuation is absolutely ridiculous. In case you haven’t, you can take a peek at the summary of the most important figures below:
- cash: $0
- total assets: $0
- total liabilities: $144 thousand
- revenue since inception: $0
- quarterly net loss: $867
It’s pretty clear that the current surge in the share price is due to nothing more than the paid pump and the optimistic announcements from the last couple of weeks. With the figures above in mind, however, the developments and projections reported in the press releases seem extremely unlikely.
Even so, excitement is high. Social media websites and message boards are buzzing with activity and we read that the hard mailer pump is going strong. This means that we could see some more movement in the right direction. Sooner or later, however, the enthusiasm will die down and once that happens, IMTC‘s business operations will need to support the stock.
It’s up to you to estimate the chances of success.
IMTC wasn’t the only pumped penny stock to close yesterday’s session in the green. Centor Energy Inc (OTCBB:CNTO) bounced and added 8% to its value while shifting nearly $1.5 million worth of shares. Gray Fox Petroleum Corp (OTCBB:GFOX) displayed some positive movement as well. It closed the session with 10% in gains and $1 million in dollar volume.
