Yesterday Microelectronics Technology Co. (PINK:MELY
, MELY message board
) closed down 40% at $0.12 despite a paid pump campaign
and a press release. At least the volume was higher than usual reaching 792 thousand shares.
Wall Street Grand disclosed it had been given a total budget of $40 thousand by EAG LLC, and $15 thousand was paid for this particular profile alert on MELY.
The press release concerned the development of a new business model under MELY's Dynamo Server Division. MELY will be offering dedicated server rentals. Funnily, the announcement said MELY expected to "roll out its offering in May 2102."
The logical explanation is that it was a typo, but it still may have diminished the effect of the press release.
The latest financial report doesn't look promising. As of December 31, 2011 MELY had $450 cash, no revenues and nearly 450 thousand liabilities.
Typo or not, yesterday's performance of MELY was very disappointing, especially for those who bought in on the pump at $0.19. MELY will have to deliver some amazing results on the business side of things, if it is to get a stable run up.