Press Ventures, Inc. (OTCBB:PVEN) Up by a Third
Friday saw the stock of Press Ventures, Inc. (OTCBB:PVEN) climb by 31%, adding $0.04 to its price. Daily volume cooled down significantly despite the percentile movement.
We previously covered PVEN in the immediate wake of the pump-induced swings that the price took. The stock was targeted by promoters over the last couple of weeks and around half a dozen different outfits touted the stock. There was some speculation that PVEN was going to be the next Awesome Penny Stocks (APS) pick or that even APS would use PVEN as a decoy before turning to their actual new pick – PacWest Equities, Inc. (OTCMKTS:PWEI). However, this remains largely speculation as we have not been able to find any hard evidence supporting that theory.
Despite that, PVEN did look a lot like many of the previous APS picks – it was a company that was not actively traded and one that did a large forward split of its stock. PVEN was also cashless as of the date of its last quarterly report dated April 2013:
- ZERO in cash and total assets
- ZERO revenues since inception
- $4 thousand in quarterly net loss
This snapshot of the company’s financials was from the time when PVEN was a mining and mineral exploration enterprise. Since then the company has made a drastic turn to biosafety technologies. This started with the appointment of a new CEO. In late August PVEN also announced it had secured $250 thousand in funding, through a convertible note. The note is convertible at a 25% discount to an averaged closing price prior to conversion.
The company further acquired a patent for the mechanics and oil employed by an air purification system, through an acquisition agreement that led to the issuing of 170 million shares of common stock. The technology has been submitted for testing with the Environmental Protection Agency of the U.S., with no anticipated outcome date. Considering all of the above, some investors may find themselves wondering how realistic the company’s valuation of $70 million is, as PVEN‘s market cap at its last closing price was that big.
The actual APS new pump – PacWest Equities, Inc. (OTCMKTS:PWEI) slowed down in terms of percentile movement but still generated dollar volume of $5.7 million on Friday. North American Oil & Gas Corp. (OTCBB:NAMG) – another company that was very recently pumped, closed 15% down on Friday, slipping well below the $1.00 mark.
