Weak Pump Attempts for The Automotive Resource Network Holdings, Inc. (PINK:ARNH) Fall Through
Yesterday morning two more promoters sent pump emails for The Automotive Resource Network Holdings, Inc. (PINK:ARNH) in pre-market hours. The touts of promoters and the news released by the company had zero effect and ARNH went under around noon, crashing 85% and sinking into triple-zero land.
The promotions for ARNH resumed on March 10, after promoters took a 10-month break, last touting the company in May 2012. The new emails have all been compensated with minor amounts of money. ARNH came up with a press release to back this last desperate push to lift the dead stock. The company announced it had acquired a ‘multimillion dollar asset’, in the form of 245 thousand pre-paid gift cards.
The press release only mentions this acquisition happened “through an assignment”, giving no further details. It doesn’t look like the company paid cash for the alleged acquisition as their last available quarterly lists the following:
- ($1,046) in cash
- $810 thousand in current liabilities
- $189 million in accumulated deficit
- $8 thousand in revenue for Apr-Sep 2012
- $10 thousand gross loss, $182 million net loss for Apr-Sep 2012
Negative cash assets are one of the many curiosities found only in pink sheet reports. The rest of the report is a mess as well, with convertible notes quoted that convert into l’ixlly (sic) shares of common stock, whatever that may mean, as well as notes that convert into shares at $0.0001 per share. The supposed acquisition of the gift cards is not detailed in any filing, but that’s pink sheet reporting for you.
Promoters Wall Street Surfers previously pumped Geo Vision International Group, Inc. (PINK:GVIT) in late January, possibly thinking it had crashed to its bottom at one cent per share. Sadly, in the wake of the pump, GVIT went to slip further and is currently trading at $0.002 per share.
Investors are advised to do their own due diligence and never trade solely on paid recommendations and press release hype.
