Pacific Clean Water Technologies, Inc. (OTCMKTS:PCWT) Turns Red on Day Four
Monday’s session was not too kind to the stock of Pacific Clean Water Technologies, Inc. (OTCMKTS:PCWT). Despite being the new pick of both Awesome Penny Stocks (APS) and Victory Mark, the ticker generated the same volume as on Friday but closed half a percent down.
Despite moving another 10 million shares yesterday, PCWT never really went anywhere and was even pressed further below its previous close in the afternoon. The company announced the appointment of a legal counselor from a boutique law firm around noon yesterday. The pumpers at APS immediately spun the relatively insubstantial press release, which simply repeats verbatim the informational text from the law firm’s web page, into a tale of an impending merger with a ‘large oil company’. The pump never goes beyond a simple ‘what if’ and remains just that – baseless speculation.
We previously mentioned that PCWT has already been given the skull and crossbones ‘Buyer beware’ sign on OTCMarkets, possibly in a swift reaction to the pump campaigns launched for the ticker. The very quick reaction on part of OTCMarkets combined with the recent fate of the previous APS pick – PacWest Equities, Inc. (OTCMKTS:PWEI) who got suspended from trading almost immediately after the pump rolled out, may have raised a pretty big red flag even for those who would previously play APS pumps and try to squeeze a quick profit out of their picks.
PCWT came out with another press release after hours, informing their subsidiary was working with a family winery on water conservation projects, as well as on a new project for high-pressure boilers. Whether this information will be enough to get traders excited remains to be seen.
While PCWT is an enterprise that is generating revenues and even managed to turn modest profit in the last quarter, the company has several things in common with previous APS picks. PCWT was also not actively traded prior to the APS pump and the ticker forward-split its stock before active trading had begun, so investors should be really careful with this one.
