NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Limps Along at One Cent

Over the past month the share price of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) found a comfort zone around the one-cent mark. The occasional attempts to push up have been brief and followed by sizable red slips. Yesterday NTEK ended up another 7.8% in the red, stopping at $0.010 per share.

The company has once again gone to keeping a very low profile, with a single press release in July and none so far in August. The last official filing traders got from NTEK was a passionate letter to shareholders that went up in late July. Apart from a lot of forward-looking optimism and promises of making giant strides in the right direction, the letter contained little information of any real consequence.

NTEK‘s fiscal year ends on June 30, which means the company still has over a month until it has to file its annual report. Until then investors have to rely on promises given in press releases and shareholder letters, while the share price struggles.

The letter to shareholders promised that “in the coming weeks” the company would announce “expanded relationships” with two major movie studios, leading to an increase of Ultraflix’s library by “over 500 titles”. The letter calls those movies “well known A Class box office hits”. Judging by the fact that the current Ultraflix catalog barely has any of those that came out after the year 1990, those promises sound like a mouthful.

NTEK is down over 70% from its price levels in early 2015, when the stock was trading at highs of over $0.04 per share.