After the recent promotions, trading volume and share price of eCrypt Technologies, Inc. (OTC:ECRY
) spiked again at the beginning of the month on a positive publication on the company. Yesterday, ECRY made another attempt to reach that level.
On no news or promotions, ECRY closed the last trading session again with a 39.53% increase in its share price at $0.60. Trading volume amounted around 280,500 traded shares, which is above the average but much lower than the registered share turnover at the beginning of the month.
ECRY has been strongly promoted in December last year, whereby our database shows that the total compensation spent this month by a third party on the company's promotions amounted $108,000. At the time of the start of the strong campaign, ECRY share value had already more than tripled within a short period of time, and then even went above $1 on the first promotional newsletters.
For now, the company's financial reports show that the current market value of ECRY, which is now over $81 million, is based solely on optimistic projections. As of end-September 2011, it is still a development-stage enterprise with $30,000 in cash as the only current asset and more than $530,000 in current liabilities.
Last Thursday, ECRY announced in a press release that its eCrypt Me application were now available for download for iPhone over iTunes App Store. Previously, a favorable article on the company initiated the highest trading volume for the stock for the last six months, pointing out some U.S military background of the company's Board of Directors.