Pingify International Inc. (OTCQB: PGFY) saw its share price continue to plummet on May 7th closing at $.35, 56.68% lower than its previous close of $.808.
This huge drop in price continues after allegations were made of a massive stock promotion headed by StockTips.com.
The President and Director of Pingify International addressed in a press release that he could not speculate on why Vlad Milutin, former Chief Financial Officer and Director of Pingify International, would suggest that there are no contracts or integrations in the company.
As per the S-1A filing with the SEC submitted in March 16, 2012 an agreement with Beyond.com was entered into on March 13, 2012. In addition, Pingify became an eBay partner and filed the completion of integration in the 10K for 2013. Currently, users are downloading our application that is available on the iTunes store and actively find results with eBay and Beyond.com.
Pingify recently signed a letter of intent with 80 Elements Entertainment, which will provide Pingify with a solid development team and a new source of revenue. 80 Elements specializes in creating dynamic driven web site platforms and applications that harness the power of today's media delivery technologies.
"We see the 80 Elements acquisition as a strategic move that will lower development costs for Pingify while establishing a solid revenue stream. Boris Chow has managed to bring in high-profile clients like Warner Brothers with a small, dedicated team. By removing overhead duplications, we can increase production and margin," comments Jason Gray, President of Pingify International.
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