Friday’s most active penny stocks were spurred by press releases short on specifics but long on dreams of future riches spun by new technologies and the legalization of marijuana.
BreedIT Corp.’s (OTCQB: BRDT) volume shot through the roof Feb. 14, 2014 with more than 2,403,892 shares changing hands, nearly seven times greater than its three-month average volume of 347,784 shares.
The skyrocketing volume appears to be tied to a Feb. 11 press release stating the once online gaming company turned agro-breeding solutions software maker for medical-marijuana growers is putting its focus on this sector.
In the vague and hard to decipher press release, New York-based BreedIT says it is under advanced negotiations with an unnamed company in Israel.
According to the release, this anonymous customer is “developing a new medical device for the medical Cannabis market. The medical device maker is considering a purchase of BreedIT's licensed technology to help determine which Cannabis varieties are better suited for use with its new medical device.”
No Real Specifics
While these days any release with the word marijuana in it is enough to fuel some activity, BreetIT’s release is disappointing at best. It offers no specifics other than an unnamed company and a general notion that the onetime online gaming company might license this company some new kind of software that will help it choose the best breed of medical marijuana.
Income Statement
However if you want some financial specifics about BreedIT, the best you will get is its last released income statement, which shows the company lost $349,000 as for the 12-month period ending Dec. 31, 2012.
On Feb 14, BRDT 's share price closed at 46 cents, up 9 cents from its closing price of 37 cents the previous day.
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Finally Files Chapter 11 BankruptcyWell, 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 continued to fuel First Mariner Bancorp’s skyrocketing share volume Feb. 14, when 558,173 shares changed hands, nearly three times its three-month average volume of 190,181 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. 14, FMAR shares closed at 4 cents down 2 cents from its closing price of 6 cents the previous day.
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High Volume a Puzzle
Another extremely active penny stock on Feb 14 was TagLikeMe Corp. (OTCQB: TAGG), with a volume of 449,078,464 shares, more than five times is three-month average volume of 86,705,933.
Why this UK-based developmental stage company‘s volume is soaring is anybody’s guess, because there has been no news about the TagLikeMe for nearly a year.
Latest Q-10
The information we do have available on TagLikeMe is its latest quarterly report filed with the SEC on Sept. 30, 2013.
According to the report, the company has produced no income has assets of 363,455 and liabilities of -$4,626,488. Since the company’s exploration stage, it has burned through nearly $20 million.
On Feb 14, AGG 's share price closed at 0.0005 cents, down 0.0003 cents from its closing price of 0.0008 cents the previous day.
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Possible Distribution of Pocketsize Water Filter
Water-filer maker Eco Depot Inc. (OTC Pink: ECDP) announced Feb. 12 that it has signed a letter of intent with Water Technologies Development Inc. to distribute its pocketsize water purifier.
According to the release, the pocket filter requires no “pumping” or mechanical power to effectively remove chlorine, heavy metals, pharmaceuticals, bi-products, microbial cysts, bacteria, virus and other potential freshwater pathogens. It also removes tastes and odors to create great tasting and safe drinking water from potentially contaminated sources.
TV Ads Being Produced
HotTVBrands.com is scheduled to produce a DRTV Ad Campaign featuring its product in foreign travel, outdoor recreation and emergency preparation in addition to daily replacement for traditional bottled water.
While this new deal does sound interesting, there are not enough specifics to make a judgment on its potential monetary value, if any. According to its annual report for 2013 filed Feb. 11, Eco Depot earned no income and had $150,500 in assets and $279,178 in liabilities.
On Feb 14, ECDP’s share price closed at 9 cents, down 1 cent from its closing price of 10 cents the previous day.
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