San Jose, CA / ACCESSWIRE / May 6, 2014 / Pingify International, Inc. (Pinksheets: PGFY) Chief Financial Officer and Director Vlad Milutin, submitted his resignation to company President Jason Gray today, in objection to a promotion campaign to artificially raise the price and trading volume of Pingify. According to Mr. Milutin, the promotion campaign, otherwise known as a pump and dump scheme, has significantly overinflated the value of Pingify shares, especially in the light of the company's current business position. Mr. Milutin commented, "The exposure of thousands of investors to great losses is too much for me to bear, and as a result, I have submitted my resignation. I myself have never owned a single share of the company and have never solicited anyone to become an investor. I urge the SEC and FINRA to investigate the trading of the shares in order to discover who the perpetrators of this scheme are."
Mr. Milutin's letter to Mr. Gray appears below.
Vlad Milutin Vlad1Milutin@gmail.com
Jason Gray President Pingify, International, Inc. Suite 2020 (Scotia Place Tower 1) 10060 Jasper Ave. Edmonton, ALB T5J 1V9 Canada
By email to: Jason@Pingify.com
With copies to the SEC and FINRA Offices of the Whistleblower WhistleBlower@sec.gov, WhistleBlower@finra.org
Re: Resignation as Chief Financial Officer and Director of Pingify International, Inc.
I am greatly depressed by the recently commenced promotion campaign on Pingify stock. That the public could be conned into giving this company with no assets and limited prospects, upwards of a $75 million market cap is quite distressing to me. I am not aware of any contracts or other sources of revenue at this time and no assets on the books. That emails from Mike Statler of StockTips could paint such a rosy picture as to suggest these shares are worth $5.00 each, thereby giving the company a $250 million market cap, is ludicrous.
Obviously, one or more of the purchasers of S-1 shares @$.005 is behind this this effort to defraud the public, as they held all of the shares of the company not owned by you. As I did not recruit any of the shareholders, I am sorry that more effort was not done on your part to determine the honorable intentions of these seed shareholders. I call on the SEC and FINRA to investigate the trading of the shares of Pingify, International, Inc. and determine the people who are responsible for this pump and dump effort. As a consequence of my concerns, I am hereby submitting my resignation as CFO and Director of Pingify International, Inc., effective immediately.