Pumps Do Nothing for Refill Energy, Inc. (OTCMKTS:REFG)
Tuesday’s session saw the stock of Refill Energy, Inc. (OTCMKTS:REFG) drop by nearly 24%, down to a close of $0.23 per share. The numerous pump emails sent out for the ticker generated volume but did nothing to lift the price.
We mentioned the promotional campaign targeting the stock as early as September and this month the pumpers are all over REFG and in force. In two weeks’ time there have been around 50 tout emails for REFG, sent by a large number of promoter outfits and compensated with varying amounts of cash. The promoters are, as expected, touting the fact that REFG is now trying to make it in the medical marijuana sector and implying it’s bound to be hot since the sector is picking up speed.
The initial days of the email pump didn’t do much for the stock, both in terms of share volume and price action, with REFG (or Medical Cannabis Payment Systems, as the company calls itself now) barely moving. The company is still posting press announcements related to its in-development software products, describing their features and intended capabilities. Some screenshots of the actual products in action on REFG‘s website would have probably served to persuade investors better than a feature list but there are none.
The most current financial report from the company is still their quarterly for the period ending June 2013 and still contains the following:
- $2.9 thousand in cash
- zero revenues
- $56 thousand in net loss
The report also contains information about convertible note holders getting 10 million shares at $0.001 per share in March 2013. Traders can probably do the math on their own and calculate the profit the former note holders could be raking in if they hypothetically decide to selling their $0.001 shares at the current prices, using the artificial market for the stock the pumps create.
Yesterday’s session was eventful for other companies too. Pure Bioscience (OTCMKTS:PURE) climbed by a solid 21%, stopping at $1.65 by the bell. 3D Eye Solutions, Inc. (OTCMKTS:TDEY) had their climb interrupted by a red session and closed over 12% down.
