NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Still Volatile
After two double-digit hiccups coming in the wake of a one-day recovery attempt on Monday, yesterday NanoTech Entertainment, Inc. (OTCMKTS:NTEK) continued sliding and ended the session another 8% down at $0.05 per share. The stock keeps generating sizable volumes but it looks like it just doesn’t know what to do with itself, swinging between $0.14 and $0.05, its lowest close for the month.
The stock was propped by two relatively recent pump campaigns, one in late June that ran for just two days, then another that opened on July 15 and ran for another three days. As the stock careened in a free fall right after one day of gains on the fifteenth, the pumpers gave up on their promises of amazing gains three days later.
The company recently announced the completion of a stunning acquisition of current CEO Jeff Foley’s ice sculpting business. How well ice sculptures and digital entertainment mix is not something we want to discuss but NTEK claims their new acquisition is a profitable enterprise that should improve the bottom line of NTEK. A more meaningful piece of acquisition PR came on Monday, announcing NTEK had acquired MagicScreen3D, a company offering 3D without the need of wearing special glasses. Neither of the acquisitions was accompanied by any payment details and with NTEK being a pink sheet alt-standard filer, there are no 8-K filings for them either.
All shareholders are looking forward to the launch of NTEK‘s 4K HD streaming media box – the Nuvola. The company’s website for pre-ordering the set-top box is already up and running, with the pre-order page hinting that there have been quite a lot of unit orders already, so new customers better hurry and get in line – an advertising stunt that reeks of bad taste.
NTEK further announced they’ve chosen NVidia’s Tegra 4 chip to power the Nuvola, with the announcement coming on July 16, just a couple of weeks ahead of the announced launch of the product. Hopefully, the company was just late with the announcement, otherwise it’s difficult to imagine how NTEK will make such a dramatic ‘upgrade’ in hardware as the press release calls it, to a product line as massive as the pre-order page suggests. The Nuvola is also supposed to be available for ordering through other channels, including Amazon, by the end of this month, with just four short days left for the product to crop up on the shopping portal.
NTEK also had a joint project with Hannover House, Inc. (OTCMKTS:HHSE), working on a website dedicated to streaming videos, hosted at vodwiz dot com. The domain, which formerly hosted an image of the future appearance of the platform, is currently down.
Which way NTEK travels on the charts will largely be decided by whether or not the company manages to keep its promises of putting its Nuvola on major retailer websites, as well as the reviews the unit gets. With the product expected to ship “next month”, the release may well coincide with NTEK‘s next quarterly, so investors will have a lot to sift through soon.
