Olie, Inc. (OTC:OLIE) Gets a $35 Thousand Pump
On Friday Olie, Inc. (OTC:OLIE) dropped another 20% in a series of downhill tumbles that sliced a third of the stock price in just a week. Pumpers decided it was time for action and sent over a dozen tout emails for OLIE over the weekend.
What has been going on with OLIE that should warrant investor attention, at least according to promoters? Gardner & Associates, an entity in which OLIE‘s current CEO is ‘proprietor and senior partner’, arranged for EnCanSol Capital Corp – owner of RAMcell battery technology, to reverse merge into OLIE as a publicly traded vehicle and secure ‘potential funding’ for OLIE. This plan doesn’t seem to be finalized yet, as the most current OLIE filing dated April 10 states that the acquisition and funding agreement is subject to approval by EnCanSol shareholders and when this happens and the final version of the agreement is executed, OLIE will find another 8-K, detailing its execution.
The company also happened to change its public accountant in early February, switching to a new one – Drake, Klein, Messineo CPAs. Penny stock watchers will remember Mr. Messineo’s past involvement with pump jobs like Swingplane Ventures (OTC:SWVI) and Green Innovations, Ltd. (OTC:GNIN).
With no consolidated merger figures posted, OLIE looked pretty grim as of its last financial report for the quarter ended December 2012:
- $127 in cash
- zero revenues since inception
- $30 in quarterly expenses, leading to $30 net loss
Judging by these numbers, OLIE was as dead as a doornail before the acquisition / merger talk hit the wire. With no official filing that the deal has been finalized and a consolidated report showing how the merger affected OLIE‘s financials, there’s little to be excited about. As an added curiosity, the same 10-Q dated December 31, 2012 states that OLIE ‘intends to operate a music production company.’
The promoters at Penny Stock VIP previously ran some other pumps that popped and flopped before they could really run. One recent example is Transfer Technology International Corp. (PINK:TTIN) that promoters advertised as a bottom bouncer than never really bounced anywhere but went to drop almost 50% further, dragging along hopeful investors.
