ITonis, Inc. (PINK:ITNS) Flattened After a One-Day Pump
Yesterday over 50 pump mails were dispatched for ITonis, Inc. ( PINK:ITNS ) and the price soared a notch over 100% up on the promotional flood in the early morning. Sadly, when the closing bell rang, ITNS was sitting 7% below its previous close. The daily price movement was largely characteristic of weaker pump attempts, with both the climb and the crash happening in a single day. The meteor shower of pump emails that poured into traders' inboxes contained promotions compensated with sums of money ranging from $3 thousand to $127 thousand. Stock Mister was the promoter who bagged $127 thousand , then distributed smaller sums to a number of smaller promoters, ensuring the stock would be the talk of the town.[BANNER] It really was, only it ran in the morning and then it was all downhill from a short-lived spike above a cent per share. Pumpers were undisturbed by the sharp decline and kept sending emails suggesting ITNS would bounce back up in the afternoon. The bounce never happened and ITNS took a further nose dive towards the session's end, slumping 7.4% in the red. We warned our readers of the very likely demise of the pump yesterday morning, when the stock was still climbing. ITNS tried to rectify their Pink No Information status on OTCMarkets yesterday by filing their annual report for the year ended November 2012. Sadly, the updated information was anything but a confidence boost for investors. The report contains the following figures: $104 in cash $411 thousand in current liabilities ZERO yearly revenue $4.3 million in yearly net loss Curiously, $3.1 million of the expenses that led to the $4.3 million loss consisted of executive compensation - generous remuneration by any standard, considering the company is still not generating revenue. The table containing issuance history for 2012 in the first pages of the report lists that CEO and President Mark Cheung was issued 86 million ITNS shares in 2012. Stock Mister , the best compensated among promoters yesterday, previously ran other one-day pumps that offered investors a chance to lose some cash. After touting Primco Management, Inc. ( OTC:PMCM ) for $105 thousand on Feb 7, the stock took an instant nose dive on the next day, closing 62% down, currently about 80% down from the day of the pump. The paying party for the PMCM pump was M. Elliot Media LLC, the same entity that paid for the pump on ITNS. The stock market is not too different from life in general, at least in one aspect - when something looks too good to be true, it usually isn't.