Internet Media Services, Inc. (PINK:ITMV) – Surges Skyward After Promotion
This week has been a big hit for Internet Media Services, Inc. (PINK:ITMV). They steadily climbed in traded volume and yesterday they simply exploded. Their stock spiked with more than 93% to close at $0.032 and during the session 5 million shares changed hands.
Such a sudden development for a company that on April 5 traded the meager 154 shares seems quite out of the ordinary. In reality the reason is as mundane as it can get – a pump campaign. Penny Stock Crew and Stock Publisher, both affiliates of ODD MARKETING, took it upon themselves to praise ITMV to high heaven. In their email alerts they even went as far as to compare them with LinkedIn due to both companies having a low float.
Before you start charging in to invest hoping that IMTV will in some way follow the path of LinkedIn, you should take a look at their latest report. On April 15 they filed their 10-K and it had some shocking revelations about the company:
- $1261 cash
- $226 thousand total assets
- $818 thousand total current liabilities
- no revenue for the entire 2012
- $426 thousand net loss
But as the saying goes, “That’s not all!”. ITMV have incurred accumulated losses totaling $1,386,981 since their inception and have a working capital deficit of $690,649 at December 31, 2012. We firmly believe these numbers are able to speak for themselves.
A big part of the pump emails was focused on the past history of the company and more precisely on their wholly owned subsidiary LegalStore.com. Apparently, on March 13 ITMV sold this “leader in marketing legal, products, solutions and services”, at least according to the pumpers, to Western Principal Partners LLC for $210,000 including assumption of operating liabilities. This left the company with no current operations. Despite our best efforts even their website failed to load.
The promoters want to convince you to invest in a company with no business at all. Their price is supported by nothing except the artificially created hype. The remaining question is not whether ITMV will crash, but how bad the crash will be.
