Onteco Corp. (PINK:ONTC
, ONTC message board
), f.k.a. InfoSpi Inc, has already had some promotions
work out well for the stock price. Yesterday, it got another one.
The price surged 51.22% on 26 million shares for a $0.0124 closing price. It was the second consecutive 52-week volume high for ONTC.
This time the promotion was more expensive. The promoter disclosed a $25 thousand compensation.
Just now ONTC announced the releases of the product data sheets for two new products, the NexPhase 1x4 NexSense Troffer and the 100 Watt High Bay fixture. According to the company, both products will be ready for commercial release in Q3 this year.
While the promotions work well and the company issues announcements about positive developments, a current financial report is still missing. The latest one available is the amended annual for 2010 and it doesn't look particularly impressive:
- $62 thousand cash
- $125 thousand total current assets
- $591 thousand total current liabilities
- no revenue and net loss of $601 thousand
If the company were to provide some current positive financial data, it could help keep at least part of the promotional gain in the price. Until then, the most likely short-term result after the promotional hype goes away is a drop.