The Failed Pump of Promithian Global Ventures Inc (OTCMKTS:PGVI)
After Global Marketing Media’s group of promoters left its mark on the stock charts of Promithian Global Ventures Inc (OTCMKTS:PGVI) some other pumpers were paid to drive artificial attention around PGVI‘s stock, which obviously didn’t work out well as the price continues to go downhill.
The guys that joined the pumpers bandwagon this time are the promoters from Stockchat LLC who were compensated $25 thousand to carry out an awareness campaign for PGVI. Surely they generated some awareness, but the effects that it had on the stock were even more devastating than the failed promotional campaign that Global Marketing Media carried out for PGVI.
As we already know from our previous article about PGVI their campaign has been going for quite a while now, however, the newest addition to the pumpers touting them simply devastated their price and at the moment they are as much as 76% down from the peak in their price in the end of May.
Stockchat LLC joined the pumpers on June 23 after market close and sent in a few more pump emails the next morning right before market open. As you can see in the chart above it didn’t go well for anyone who thought of making a long-term investment in PGVI (we don’t really know who would do that, but that’s another thing). The price in yesterday’s trade session went 24% South as it got from $0.171 at market open to $0.11 when the final bell was rung.
Today isn’t going any better either, as PGVI‘s stock is a further 32% down from yesterday’s close and is now being traded for $0.074, even thought they managed to jump a little higher from their open of $0.071 and were at a high of $0.099 for about 15 minutes of trading. It seems like the insiders are taking it easy today as the volume for now is relatively low compared to yesterday’s trading. Yesterday a total of 2.49 million PGVI shares switched hands, which is quite a lot considerng their average of 237 thousand.
The company didn’t hesitate to aid the pump as someone woke up really early yesterday (6:02 AM EDT) to make a questinable statement. This someone was Mr. Phillip J. Wheelton who is also president of PGVI and we tought knows about the company’s financial situation, but we can’t find his signature under any of their statements. In fact there is no signature at all, which means that no one can be held accountable for the credibility of the report. There is actually nothing much to sign as the company doesn’t have any cash, any assets at all, any revenues, net loss or anything else apart from $59 thousand in current liabilities as shown in the report which covers the period ended December 31, 2012.
We hope that this article answered some of your questions about PGVI, however, be sure to always do your due diligence and weigh out all the risks, especially when dealing with a risky stock like PGVI.
On the other side we have companies with much more credibility who are filing their reports with the SEC and these reports actually contain numbers. Prime examples of such OTC companies are Affymax, Inc. (OTCMKTS:AFFY) and Invivo Therapeutics Holdings Corp (OTCBB:NVIV) both of which are staying level at the moment and have not registered any percentile movements of above 3% in the last week.
