Even though ITonis Inc (PINK:ITNS
, ITNS message board
) made a long awaited announcement yesterday in order to dissipate the multitude of rumors and speculations on the market, the stock didn't manage to finish in green numbers.
The only thing that surged yesterday was the trading volume, which reached nearly 1 million shares, nearly three times higher than the daily average. Surprisingly, despite the issued news, the trade was dominated by sellers who pushed the stock price down by 8% to $0.04.
Yesterday, ITNS announced it attained a current information status on the OTC Markets. The announcement went on to herald the first acquisition of the newly refurbished ITNS. According to the press release, the company has acquired Performance Mortgage Group, which is a financial marketing network. A new website is also available for ITNS, which was created in March this year.
The issued news finally put a stop on the speculations about the former shell company being transformed into a real business. It appears, though, that the market somehow reacted with restrain to the news and didn't let any chance for ITNS stock to rejoice.
At this point, I would like to make a retrospection. Back in February this year, my research led me to the Nevada State website
which showed the company had a new CEO, namely Mr. Henning Moelgaard. He turned out to be a doctor at a Danish university and the hype created about the notion of him turning ITNS into a serious research company pushed the stock up by more than 1000%.
However, later on the name of Mr. Cheung replaced Mr. Moelgaard as the CEO of ITNS, leaving those who followed the story of ITNS completely baffled. At this point, there is still no explanation about this strange plot around ITNS, and maybe it will remain a mystery.
Nevertheless, it seems that ITNS has turned the first page of its market biography and from now on time will show if it is a serious company, or yet another speculative pink sheets play.