IceWEB, Inc. (OTC:IWEB) Gets a $50 Thousand Pump Crutch
IceWEB, Inc. ( OTC:IWEB ) stock has gone into free fall despite the numerous attempts of promoters to grapple it to a half over the last few days. It seems the solution was to launch yet another pump for IWEB. The newest promotional effort is run by pumpers Hot Stock Ace Publisher and is backed up by a compensation of $50 thousand. The latest emails landed in subscriber inboxes in the early morning hours and contain an endearing piece of technical analysis, including resistance and support, all the bells and whistles. Even if the stock price of IWEB weren't as volatile as it is even intra-day, such analysis would still be rendered useless by the presence of an ongoing daily, paid stock pump campaign, which the very emails are part of.[BANNER] IWEB is a provider of data solutions and cloud services. While this is the kind of high-tech, in-demand line of business that can attract investor attention, the picture painted by IWEB's financial figures is somewhat different. The latest report from the company is their yearly 10-K for their fiscal year ended September 2012. Here is a quick rundown of the report numbers: $269 thousand in cash $4.1 million in current liabilities $2.6 million in yearly revenue $6.4 million in yearly net loss With an accumulated deficit of over $40 million and operating expenses amounting to 190+% of revenue for two years in a row, IWEB looks like it's being dragged down by more than just failed promotions. The company also amended its 2012 equity compensation plan, bumping the number of shares issuable to directors and officers exercising their options from 20 to 75 million. The promoters at Hot Stock Ace Publisher previously ran some equally bad promotions of companies that ended up sliding far below their pre-pump levels. In November Hot Stock Ace promoted Ludwig Enterprises ( PINK:LUDG ). The stock crashed spectacularly on the very next day and proceeded to its current level - over 80% down from the pump. Investors are advised to be extra careful with penny stocks, especially when they are the target of a paid pump. Do your own due diligence and don't trade on paid advertisements that end up in your mailbox.