After failing as a retailer of disposable and consumable prophylactic dental products, White Dental Supply, Inc. (WITD) decided to spit out their futile attempts and give away their shell corp to Pitooey!, Inc. (OTC: PTOO) for $5,000. Now, the newest social media marketing agency has penny stock traders adding it to their watch list in hopes of burning the “Midnight Oil” with some of the PTOO stock insiders. Since at least two of the recently updated insider’s list have a direct tie to a big money pump and dump from 2012, it makes sense for traders to be on the lookout for the volume to pick up and price to dip to capture some of the OTC atmosphere’s naturally occurring static electricity.
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PTOO Stock Quote
Market Cap: 129.28M
Last Trade: Friday, Feb 8th, 2013
Issued and Outstanding: 99,569,423
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Back in July, 2012, the then White Dental Supply which Frederick Lawrence more or less owned outright (92,500,000 shares or 92.76% of the issued and outstanding) entered into and closed an Intellectual Property Assignment Agreement with Sebastian Barr. The $42,500 deal allowed the Company to acquire certain patents, prototypes and technical information pertaining to child safety devices that were supposed to allow for the Company to produce a drawer safety latch that automatically stops the drawer, both when opening and closing the drawer.
Needless to say, the one-piece unit latch that does not require any hardware or fastening devices to install never was pursued or developed.
Prior to the non-essential acquisition, the Company, on April 10, issued three Promissory Notes, all f which are due on April 9, 2013. The amounts were for $15,254, $82,373, and $74,746. The Funds were in advance of an upcoming private placement offering that is expected to net the Company a minimum of $2,000,000 in financing.
Problem: Can’t issue stock when your CEO/President Frederick Lawrence owns 92.5 million of your 100 million authorized shares.
Last month, the Company filed to have their name changed from White Dental Supply, Inc. to Pitooey!, Inc. and applied for the ticker symbol change from WITD to PTOO. Within the amendments to the articles of incorporation, the Company also filed to increase their authorized common shares from 100 million to 400 million.
The name change and authorized share increase was due to come since On Christmas Eve, Frederick Lawrence stepped down from his position after the now Pitooey! Inc. entered into and closed two Intellectual Property Assignment Agreements for $5,000 each, one with Choice One Solutions, Inc. and the other with Mobile Caviar, Inc. The new heads of the Company were now Jacob DiMartino and David Sonkin, joining from Choice One Solutions and Mobile Caviar, respectively.
The following is a list of the PTOO stock 5% plus shareholders as of January 11, 2013:
- 28,505,000 (28.63%) : Jacob DiMartino, CEO and Director
- 29,255,000 (29.38%) : David Sonkin, CTO and Director
- 8,173,000 ( 8.21%) : Patrick Deparini, CFO and Director
- 8,173,000 ( 8.21%) : Frederick Lawrence, Director
- 74,106,000 (74.43%) : Officers and Directors as a Group (4 persons)
- 3,975,000 ( 3.99%) : Andrew Marcus
- 2,000,000 ( 2.01%) : Scott Burke
- 3,442,200 ( 3.46%) : Harold Sciotto
- 3,230,000 ( 3.24%) : Mack Crosby Capital Corp.
- 4,980,000 ( 5.00%) : Robert Swope
- 17,627,200 (17.70%) : Non-Affiliated Persons as a Group (5 persons)
Two names of interest listed above are Patrick Deparini, who has been with the Company since Frederick Lawrence acquired control of White Dental Supply from Nancy White, and Harold Sciotto. Both Deparini and Sciotto are tied back directly to Sefe Inc. (SEFE) with Sciotto having held a position as a Director and Deparini having been the Treasurer, Secretary of Midnight Oil the former name of Sefe Inc.
As many remember from last spring/summer, SEFE stock was the profiled pick of Stock Market Authority (SMA), aka Stock Digest, whose share prices shot through the roof beginning almost one year ago this week for big money gains of over 290%. (see chart below)
Now that Pitooey! has its shares ready for issuance and PTOO stock has tested its ability to trade, the only thing left to do is to receive the official penny stock alerts and cash in by adding your name to the above list of shareholders. Should be that PTOO stock comes down to around 0.80 or slightly under before it runs.
About PTOO Stock
PITOOEY!, Inc. is a complete digital marketing agency that leverages its proprietary technology to assist companies in establishing and expanding their presence on the Internet.
Last 5 Trading Sessions:
Bottom Line: PTOO should be on the list of pre-promotion penny stocks to watch. Look for the share price to come down to under $1 before even considering to look for an entry point prior to the day one alerts. After that, assuming it is the SMA pick of spring, buckle your child seat for a steady inclined ride on PTOO for what should be a double-double winner at worst.
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