Stock Publisher Given $185K to Pump iMing Corp. (PINK:IMNG)

Stock Publisher’s latest bombastic pump deals with iMing Corp. (PINK:IMNG), a pink-listed company that has now become notorious for its mean dilutive inclinations. What is more, Stock Publisher is not the sole promoter touting this stock now.

A total of $311 thousand have been poured into an awareness campaign on IMNG for the last couple of days or so. Solely aimed at giving IMNG an astounding boost, the emails just have not stopped coming in. There is something rotten about the company, though, and you should know it all before putting your money in it.

Not long ago, iMing Corp. was known as China Career Builder Corp., an HR enterprise involved inrecruiting professionals on all levels in various industries. Guess what? The company has found a brand-new business niche and its most recent intention is to become a leading supplier of set-top-boxes streaming HD video content through the Web. It also claims to have a working product – the so called Iming Web TV HD Box. The latter is said to be a home entertainment center offering 10 thousand HD movies, live TV channels, pre-recorded TV programs. However, this is where the good stuff comes to an end.

Even though one of the promo emails aligns IMNG with big technology players such as Google and Apple, this is more or less nothing but wishful thinking. The company closed the third calendar quarter of 2012 with sales revenues of $30 thousand and a net loss of $21,660, which does not exactly allow for any adequate comparisons with the giants mentioned above. On the other hand, IMNG‘s capital deficit has now brought about another treacherous practice – paying off old debt through issuance of new common stock. The latter is also known as dilution and the company has got used to it so much that its managers quickly adopted a fairly pro-dilutive policy during the last year or so.

Why is this dilution so big, though? As of Mar. 31, 2012, IMNG‘s O/S amounted to 110+ million, which shrank to 220 thousand following a 1-for-500 reverse stock split in early-June. As it is, it only took the company’s managers three months to bring its new O/S back to its pre-split levels: as of Sept. 30, the company’s O/S resides at 104.8 million for two main reasons:

• 35M shares issued in conversion of debentures
• 68.75 million shares issued to CEO Woon Yee Yim in exchange for $100,000 of cash, i.e $0.00145 per share, thus solidifying Yim’s majority stake at 65.70%.

In this respect, any inflation in the market price of IMNG shares, be it artificially or fundamentally induced, will be welcome to the CEO who will hardly miss the chance to exploit the situation and sell stocks before the promo tide turns against her. Were Yim to sell even a small portion of her stock at the current IMNG price of $1.12, she would realize a per-share profit of 7710%. That is what she would get. As far as outside investors who would buy IMNG shares are concerned, they would have to deal with the iminent disastrous flop of IMNG on the market because this is exactly what will happen as soon as the parties behind the pump sell their stakes at the peak of the campaign.