NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Pushes Up

After a disappointing few months that saw NanoTech Entertainment, Inc. (OTCMKTS:NTEK) lose 65% of its share price and slip from multiple cents to double zeroes, the ticker caught a bit of a boost over the last couple of weeks. Yesterday NTEK closed up in double digits again, stopping 16% in the green by the end of the session.

The company had been dormant on the PR front for over a month and a half and finally dropped some news yesterday. NTEK announced a big update to its UltraFlix 4K streaming service, including HDR image enhancement, new adaptive streaming and a new content delivery network using Verizon technology and servers. Again, it would probably be better to see news concerning more appetizing movies being offered through UltraFlix but it seems NTEK is doing its best to remedy this situation.

According to the PR, “later this summer”, there will be “hundreds of major studio blockbuster” movies to rent or purchase. No further details are given but virtually anything that is not a Bollywood smash hit or a classic 80s western cinema staple will be a refreshing addition to the UltraFlix catalog.

The company put up a letter to shareholders a couple of days ahead of its Thursday PR. The letter’s passionate language speaks of “tremendous expansion” and plans to wrap up auditing and hopefully uplist out of the pink sheet tier. Investors can only hope that this will be matched by an equally enthusing performance, displayed in the company’s next due financial report.

NTEK‘s fiscal year ends in June, which means the annual report which is up next will not be available until at least late September – still a good two months down the road. Until then, investors can keep staring at NTEK‘s last reported thin cash reserves of under $50 thousand and the 1,400,000,000 authorized shares.