Imogo Mobile’s Promises of New Payment Platform Falls Short on Specifics


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OTC:BB:IMTC / OTC:BB:AFAI / OTC:BB:FMAR
02/13/2014 [ACCESSWIRE]

The devil is always in the details, especially with penny stocks that tout new technologies.

On Feb 12, Imogo Mobile Technologies Corp. (OTCBB: IMTC) stock volume soared, with 1,573,177 shares changing hands, more than 1.5 times its three-month average of 941,851 shares.

The Bellevue, Wash-based company that provides mobile office services and solutions for email and cloud computing’s uptick in volume was probably a result of its Feb 11 announcement about a new payment platform system it’s developing. According to Imogo, the new platform would eliminate the need to carry cash or payments cards while shopping with your smartphone.

Next Big Thing  

By using a Radio Frequency Identification (RFID) equipped smartphones Imago said its new mobile virtual payment system will make it possible for customers to choose instantly which bank account or credit card they wish to use to make a payment.

The system will also automatically redeem coupons or discounts during the transaction. By eliminating physical payment processing, transaction times when paying for products or services will be reduced dramatically, according to the release. There are many RFID smartphones currently on the market and in use such as the Samsung Galaxy and Note Series as well as many others.

Through this mobile virtual payment platform solution, Imogo contends it will have the potential to become a significant player in the financial transaction service industry for businesses and consumers. The mobile payment solutions platform also will further enhance Imogo's product offerings

No Specifics

While Imogo’s proposed and under-development payment platform sounds as though it has magnificent possibilities, nothing  in the release gave any specifics as to when the payment plan would be ready to go live, or if Imogo had any cellphone companies lined up to use it. In fact, some detractors say it could just be another piece of vaporware that never ever materializes.

That’s the problem with all of Imogo’s products. If you visit the company’s site, you will see there are some cloud products that look pretty good, but they’re nothing that Google doesn’t already offer for free.

It’s difficult to see a strong revenue play here, that is, without some specifics.

10-Q Is Revealing

I guess Imogo’s latest SEC 10-Q filing gives you the bottom line on Imogo at this point in time with specifics: Although incorporated Sept. 6, 2005, Imogo has not commenced its proposed business activities or realized any revenues. In fact, it has burned through about $1.9 million, according to the filing.

IMTC shares closed at 48 cents up 2 cents from its closing price of 46 cents the previous day.

Find out what could be the best investor’s move when it comes to IMTC by getting the complete report here, or by cutting and pasting the following link in your Web browser:

http://www.sixfigurestockpicks.com

 

Lure of Medical-Marijuana Biz

Yet another alternative-energy company has decided to get into the medical marijuana business. The line is growing  longer every day.

Alternative Fuels Americas Inc. (OTC: AFAI) announced Feb. 11 that its subsidiary Marijuana Holdings Americas Inc. is pursuing its first licensing arrangements in Oregon.

According to the release, Oregon has just recently released rules for its licensed medical marijuana facility (MMF) program, with the application process set to begin Mar. 3, 2014. After consultations with Oregon based legal counsel, Alternative Fuel’s current plans are to pursue more than one licensed operation in Oregon, through a wholly owned Oregon domiciled subsidiary.

Hollywood, Fla.-based Alternative Fuels also said it retained the services of Oregon CannaBusiness Compliance Counsel, LLC. (OC3) a leading industry law firm which includes Leland R. Berger, attorney at law and Leia Flynn, an industry insider and expert. The company has also retained John C. Lucy IV, an Oregon attorney expert in the emerging legal cannabis sector.

“We have selected Oregon for both grow and retail operations,” state its CEO Craig Frank, “because we believe it will be one of the next states to legalize recreational marijuana, and having a strong footprint in the state allows us to be well positioned as the market further develops.”

Sound familiar?

But No News on Biofuels

Meanwhile, Alternative Fuels has offered no additional news or updates since Dec. 11 on how it trial production runs of its Jatropha based biodiesel turned out.  The silence is deafening.

On Feb. 12, AFAI shares closed at 18 cents unchanged from its closing price the previous day.

Find out what could be the best investor’s move when it comes to AFAI by getting the complete report here, or by cutting and pasting the following link in your Web browser:

http://www.sixfigurestockpicks.com

 

Finally Files Chapter 11 Bankruptcy

Well, it took several painful years for First Mariner Bancorp (OTCBB: FMAR) to complete its downward spiral into  Chapter 11 bankruptcy after being financially devastated by a large inventory of sub-prime loans that went bad when the real estate bubble burst, but it has finally happened.

The news fueled First Mariner Bancorp’s skyrocketing share volume Feb. 12, when 1,560,718 shares changed hands, nearly 10 times its three-month average volume of 160,725 shares.

Bank to Be Cut Out of the Bancorp and Saved

In a Feb. 12 release, the Baltimore, Md.–based company announced that it will sell its wholly owned subsidiary, 1st Mariner Bank, to a new bank formed by investors. The sale will recapitalize the bank with approximately $100 million, enabling it to meet all state and federal capital standards, significantly improving the strength of its balance sheet, and advancing its business plan to become one of the region's leading financial institutions.

The investors, led by Priam Capital, Patriot Financial Partners, GCP Capital Partners and TFO Financial Institutions Restructuring Fund LLC, as well as several prominent members of the Baltimore business community, formed an interim bank that has signed an agreement with the holding company to acquire 1st Mariner Bank for a cash payment to the holding company, subject to a competitive bidding process for higher and better offers.

If the interim bank is the successful bidder, the agreement calls for it to acquire the bank from First Mariner Bancorp and then recapitalize the bank to a level which will satisfy all capital requirements imposed by the bank's federal and state regulators and will position the bank for future growth and prosperity. The 1st Mariner Bank name will be retained.

To facilitate the transaction, the holding company intends to file a voluntary petition in the U.S. Bankruptcy Court for the District of Maryland under Chapter 11 of the U.S. Bankruptcy Code and to sell the bank in a 363 sale in the bankruptcy.

This filing affects only the bank holding company. The bank will not file bankruptcy, will operate separately from the holding company and will conduct business as usual throughout the reorganization process. Deposits continue to be insured to the fullest extent possible by the Federal Deposit Insurance Corporation (FDIC). There will be no impact on depositors, creditors or vendors of 1st Mariner Bank.

On Feb. 12, FMAR shares closed at 5 cents down 3 cents from its closing price of 8 cents the previous day.

Find out what could be the best investor’s move when it comes to FMAR by getting the complete report here, or by cutting and pasting the following link in your Web browser:

http://www.sixfigurestockpicks.com

 

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