ITonis Inc (OTCMKTS:ITNS) Runs Without the Pumpers’ Help
Less than two months ago, ITonis Inc (OTCMKTS:ITNS)’s stock was sitting deep in double-zero territory. The trading volumes were miniscule and there was little to suggest that the ticker could ever get out of these levels. Yesterday, after an impressive 57% run, ITNS registered a 52-week high of $0.0295 and closed the day at $0.0259 per share. That’s a remarkable performance for a stock that seemed all but forgotten a few months ago, but what’s the reason for it?
Fortunately, the ticker isn’t pumped at the moment. As you can see from our database, ITNS has gone through numerous promotional campaigns over the last couple of years and it’s safe to say that the results have been absolutely devastating. The latest email, however, was received more than two months ago and there are no other signs of a paid pump. But if it isn’t the pumpers, then what is causing all the commotion?
It seems to be the series of press releases that the company published over the last couple of months. As you probably know, ITNS‘ main focus has been the development and commercialization of a product called Emesyl – a nausea relief remedy. If the announcements are to be believed, the company is making some serious progress.
In December, they showed us what the packaging will look like, in February, they received evaluation samples and last week, they said that they have chosen the version that will be put into production.
The excitement is also fueled by an announcement made on March 17 according to which, ITNS have signed a letter of intent to acquire a license from a penny stock enterprise called MyEcheck Inc (OTCMKTS:MYEC). If the deal goes through, ITNS will have the right to distribute a patented mobile application that facilitates online transactions for, among other things, medical marijuana. The hype around the cannabis industry is so strong at the moment, that the mere mention of the word is enough to draw in quite a lot of attention. Nevertheless, there are some things that you need to consider well before making your final decision.
For one, the press releases are a bit sparse on details. ITNS don’t seem too keen on revealing when the manufacturing process of the Emesyl product will start. This means that we’ve no idea when the revenues should start flowing. And that’s a bit of a problem.
You can see from our previous articles that ITNS‘ financial position has never really been rosy and the latest annual report confirms that they’re still struggling. Here’s a summary of the most important figures as of November 30, 2013:
- cash: $2,410
- current assets: $278 thousand
- current liabilities: $342 thousand
- no revenue
- yearly net loss: $773 thousand
And since we mentioned the annual report, we should probably note that during the twelve months ended November 2013, ITNS converted around $20 thousand worth of debt into a mind-bending 75 million shares. You might have calculated already that the conversion rate comes in at under $0.0003 per share which is a massive discount compared to the current levels.
Will the former creditors take advantage of the colossal profit opportunity? We’re about to find out.
ITNS wasn’t the only ticker to register some impressive gains during yesterday’s session. Primco Management Inc (OTCBB:PMCM) logged a similar jump while shifting more than $4.3 million worth of shares. American Heritage International Inc (OTCBB:AHII), on the other hand, plummeted and wiped out half of its market cap after the promotional pressure got a bit too much.
