Pumpers Still Trying to Revive Chancery Resources, Inc. (PINK:CCRY)
Yesterday a slew of promoters touted the stock of Chancery Resources, Inc. (PINK:CCRY), both before and after market hours. The promotions helped the stock close up 71% and stop at $0.0036 at the bell.
VIP Penny Stocks, the party best compensated among the pumpers, received $30 thousand to tout CCRY stock. The company has been continuously promoted by email through January. In late November CCRY closed two reverse merger deals with two corporations – AirTrona International, Inc. and 7319291 Canada, Inc., based respectively in Florida and Ontario. The focus of the merger seems to have been AirTrona, as CCRY‘s current website is that of AirTrona and their business description is also AirTrona’s line of work – ozone generators with various applications.
In the process of the merger, CCRY issued 150 million shares to each of the two businesses, for a total of 300 million shares, issued seemingly arbitrarily, without using “any standard valuation formula or any other standard measure of value”, as the report states. In closing the merger CCRY also effected a change in control, replacing its management and board with two people involved in the business of AirTrona. After the merger the two gentlemen were beneficial owners of 83% of CCRY stock.
The yearly report of CCRY incorporates the merger agreements and the financial information contained in it incorporates historical information associated with the merger. The financial numbers are as follows:
- $87 thousand in ‘checking’ assets
- $150 thousand in current liabilities
- $181 thousand in total income
- $8 thousand net loss
While the consolidated entity generates some revenue, this is entirely eaten by expenses and costs and the bottom line for the company is a loss. CCRY‘s pre-merger assets sold to their former President for a promissory note are also not detailed in the yearly report and the terms of the note are not listed.
CCRY enjoyed a week-long surge in share price following the yearly report and the merger information but then the stock was flattened to sub-penny levels once again. The several pump efforts through January 2012 barely managed to help the stock. The company is also flagged with the Pink Limited Info symbol on OTCMarkets.com.
The promoters at VIP Penny Stocks touted some companies that ended up losing quite a few dollars for hopeful investors. Their early November promotion of Goliath Film and Media Holdings (PINK:GFMH) that landed the promoters another $30 thousand in payment dropped after a single day of running up, going from $0.13 to $0.02 in just two sessions as the hype died down. The stock is currently trading at $0.003 per share, more than 95% down from the pump’s peak.
Do your own research and due diligence and don’t trade on paid recommendations that ended up in your email’s inbox.
