Primco Management, Inc. (OTC:PMCM) Keeps Dropping, Pumpers Resume Efforts
In yesterday’s session Primco Management, Inc. (OTC:PMCM) continued its downhill roll that has brought share price from a Thursday peak of $0.18 down to $0.05 per share. Promoters sprang out of hiding once more, having touted the company right before it crashed, and emailed new pumps to their fortunate subscribers.
We previously covered PMCM, an enterprise that was practically a shell until very recently, listing $591 in total assets and incurred operating costs and expenses consisting only of accounting fees. Last week a coordinated effort of pump emails and press releases was launched, touting Eat Sleep Media Group (ESMG) having acquired controlling interest in PMCM. The last publicly available filing from PMCM related to a change of control is an 8-K dated October 2012, that details the transfer of controlling interest to a Mr. Zahoor Ahmad who purchased 8 million company shares, gaining 86% beneficial ownership of the company.
Following the deal with ESMG, the press releases, pumps and the OTCMarkets page of PMCM list Mr. David Michery as CEO of the company but neither this, nor the change of controlling interest to ESMG has been reflected in an official filing. PMCM is also repeatedly touting its purchase of a music catalog which it intends to leverage in the future but which as of right now sits as an added $350 thousand liability, stacked onto the unknown present financial situation of the company.
The promoters at Penny Pick Finders who bagged $30 thousand to tout PMCM touted the very same music catalog acquisition. The promoters probably hope investors magically forgot the previous pump of PMCM from less than a week ago that tanked horribly 62% in a single day and will hurtle head over heels to get onboard this one. Even if the previous round of pumping had single promoters pocketing larger compensations reaching up to $200,000, each successive round of pumps usually floors stock prices to ever lower levels when it ends.
Penny Pick Finders have offered their subscribers other chances to lose some money. Their early January pump of New Western Energy Corp. (OTC:NWTR) was one such example. As the pumps ended, the stock crashed hard and is currently over 60% down from the peaks of the pump.
Investors are advised to do their own due diligence and research and be very careful around promoted penny stocks that are coming up with conveniently timed optimistic press releases and no official filings. When things look a little too good to be true, they probably aren’t.
