Priced higher than most of the other penny stocks being promoted today, Eco-Shift Power Corp. (ECOP) is hoping to rev up it’s share price with the Research Driven Investor group of newsletters pouring on the gasoline. Shares of ECOP stock, last known to most as SimplePons Inc. (QPON), a toxic laden debt converter for Asher Enterprises Inc., had a significant run in May, jumping over 100% on very low volume compared to what is expected to be delivered today for the $30,000 fee the Cohen group of sites collected in advance. Seeing as how shares of the LED lighting focused Company have all but been turned off as they have continued to crumble through June, admitting that The Wall Street Revelator was pumping their stock is a good enough reason to conserve as much energy as possible by letting this one slide by.
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ECOP Stock Quote
Market Cap: 30.08M
Last: 0.53 ▲ +0.08 (+17.78%)
Dollar Volume: $19,499
14-Day RSI: 42.21%
1st Resistance Point: 0.5667
1st Support Level: 0.4717
52Wk High: 1.25
52Wk Low: 0.25
Eco-Shift Power admitted in a 8K filing on June 4 that the Company had been made aware of certain promotion materials that were distributed by the an entity named “The Wall Street Revelator” which makes various statements about the Company, its operations, customers, valuation and stock. While they obviously admit to not having had a hand in the materials, just have a look back at some of the debt deals that were structured for both ECOP and QPON and you already have a pretty good concept as to who was behind the hardmail promo.
The most recent deal was announced on May 20 when Eco-Shift Power hired WestPark Capital, Inc. to act as their agent in raising up to $7,000,000 in a private placement of ECOP shares together with warrants to purchase an equal number of shares and 18-month convertible promissory notes in the aggregate principal amount of up to $500,000. On the books of Eco-Shift Power, as of March 31, 2014, were $182,503 worth of convertible notes payable and $581,206 worth of promissory notes payable of which Asher Enterprises, Inc. and Linear Group Holdings, Inc. are the two main beneficiaries due to receive shares of ECOP stock at a considerable discount as is customary with these type of deals.
Positively, at least Eco-Shift Power has some revenues, $327,200 for the 3 months ended March 31, 2014, to put up on the top line of their income statement. Although the amount was about $65,000 higher than the amount reported for the same period in 2013, it’s still not even a drop in the bucket compared to the $521,838 in total operating expenses reported for Q1 which means that the $7,000,000 private placement deal needs to be done to keep the lights on.
It is great to hear that the Company’s new Highbay LED lighting solution now provides the industry with the most energy efficient Highbay LED fixture in the market, but all that traders today want to know is are they going to keep dumping ECOP stock or is there a chance to make 10% after the gap open.
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About ECOP Stock
Eco-Shift Power Corp. is a development stage company primarily engaged in developing, selling and distributing electrical lighting products.
Issued and Outstanding: 56,762,082
Last 5 Trading Sessions:
The lights might be on for those receiving penny stock alerts on ECOP over the last 18 hours, but not knowing just how toxified it has been historically could be a lot more costly than forgetting to turn off the lights before leaving for work. If ECOP stock can even test 0.60 today after the gap open, the bottom is sure to collapse leaving those involved with a big bag of broken bulbs to go with their broken dreams.