NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Skyrockets Up The Chart

In what must have been one of the best sessions the stock of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) has ever seen, it surged by more than 50%, to blast through the $0.10 mark and close at $0.123. Traded volume reached 27 million shares, four times higher than the average for the ticker. The company hasn’t been even near such heights in more than a year and has now set its 52 week high to $0.125.

Back in June we received a couple of alert emails from 007StockChat and PennySt0ckSpy. They touted NTEK for the disclosed compensation of $20 000. But the promotion was a short one and in the last two weeks the stock has been climbing on its own.

As is the case with most pennystock companies, NTEK is heavily reliant on its common shares in order to provide the necessary funds for its activities. And although this is still a serious concern for any possible investor some positive differences can be observed. Most of the shares issued by NTEK in the last two fiscal years have been restricted. Also, in a rare turn of events, the management of the company has decided to retire approximately 220 million common shares instead of increasing the total authorized amount. Currently NTEK has burned through more than half of the 990 million authorized shares.

Investors shouldn’t be too optimistic though. The fundamentals of the company are in a dire state and according to their quarterly report for the period ending March 31 they had:

• $8058 cash
• $51 thousand total current assets
• $1.4 million total liabilities
• $250 thousand revenues
• $230 thousand net loss

The unprecedented climb that we have been observing lately is being facilitated by PR articles released by NTEK. Some contain meaningful information and some are just an announcement of an announcement. Currently investors are waiting for July 15 when the company will say something about the launch of their new products or at least that they will begin accepting pre-orders. There is a week till then so speculating is pointless but the ticker may rise even further up on the positive expectations.

Doing your own due diligence is always necessary and NTEK is no exception. The past involvement in paid pumps, the over-reliance on PR news and their financials should require caution when deciding on the appropriate time horizons for your investment. In early trading today the stock dropped right from the start but is now retracing its steps upwards.

One of the biggest gainers during last Friday’s session was the stock of MyECheck, Inc. (OTCMKTS:MYEC). The company shot up by nearly 60% assisted by several alert emails. ALAS International Holdings, Inc. (OTCMKTS:VDSC) also enjoyed a major boost, gained 49% and closed at $0.01.