It looks like 247MGI, Inc. (PINK:TOFS
) liked the promotions recently, and it will get another one for today's session. Apart from the promotions, the stock will try to keep its value through a reduction of the number of authorized shares, and some mystic pending merger that the company keeps talking about in its latest press releases.
TOFS closed at $0.0017 yesterday after the share price jumped 21.43%. Yesterday evening, we received another promotional e-mail on TOFS for which the promoter got compensated by an unknown party or person with up to $25,000, thus a third positive session may follow.
247MGI, Inc. also issued a number of press release this month and also submitted a quarter report to the OTC Markets homepage. The report shows still zero cash, zero revenue and over $1 million in liabilities as of end-June 2011. On such numbers, it looks like the PRs are more reliable when the trading of the TOFS is concerned.
Among the recent announcements of TOFS were that the company has settled a legal matter with one of its former directors which resulted in reducing the liabilities by $200,000. TOFS plans also to reduce its authorized capital to 1.6 billion, and to raise $2.5 million through creating new non-convertible preferred stock, whereby $500,000 of the raised money would be used to repurchase shares of TOFS common stock out of the market so that the float goes down to 500 million shares.
According to OTC Markets, TOFS float on July 12, 2011 was over 900 million, implying that the company would rather have to hope that its share price does not rise up too much in the coming months if over 400 million shares are to be bought for $500,000 on the market. Another interesting statement that probably holds the attention on the stock is a pending merger that appears in most of TOFS recent press releases. The details would probably be a topic for many more following PRs.