Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Fueled by a $3 Million Pump

Since early August the price of Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) has slowly crept up from about $0.60 to $0.77 per share. A landing page reveals there’s an ongoing pump campaign with a $3 million budget.

For the most part, IGEX hasn’t been very liquid, but in the last session volume has increased significantly. On Friday IGEX closed up 2.67% at $0.77 on approximately 275 thousand shares.

As mentioned above, there seems to be an expensive pump campaign on the way. The third party disclaimer reveals that an entity called First Choice Communications paid, or was about to pay up to $3 million to Winning Media as of August 16, 2013.

So far, we haven’t received any emails from the pumpers we track, but Winning Media has been used in numerous pump campaigns and it’s possible the campaign may employ some of the more popular free pump newsletters in the future.

At the time IGEX filed its most recent 10-Q it was still a shell and its name was Claridge Ventures, Inc. On Jyl. 17, the company merged with Indo Global Exchange PTE LTD through a Stock Exchange Agreement, and the surviving entity changed its name to the current in early August.

Prior to the merger the shell company had no assets and the company hasn’t published any financial information after the merger.

At the same time, IGEX claims its goal is “to position itself at the forefront of the global financial market services sector…”

There have been pump jobs using similar approaches. Green Innovations Ltd (OTCBB:GNIN) and iTalk, Inc. (OTCBB:TALK) are two relatively recent examples. Traders should be careful with such plays. It’s almost impossible to predict when they will crash, and when they do, they crash hard and fast.