Rich Granville, CEO of the Family-Friendly search engine platform Yippy Inc, (OTCQX: YIPI) is, in a family-friendly way of saying, perturbed. YIPI stock price has dropped exactly 50% in the last two trading sessions from its June 12 high of $2.34 even though the Company is headed in the right direction. Yippy had just announced a merger with MuseGlobal when, what appears to be market maker manipulation, shares went into a tail spin. As YIPI stock price reached as low as 0.96 on Thursday, the penny stock did rally back to close at $1.17, a gain of 21.87%, with dollar volume of $923,750.
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YIPI Stock Chart (Last 10 Days)
(Jun 12, 2012): 2.34
(Mar 23, 2012): 0.15
Avg Vol (3 month): 152,980
Avg Vol (10 day): 714,225
Worth noting is that Richard Granville, CEO if Yippy, issued a press release mid-day stating that he had arrived in New York to personally look into the extreme short-selling that has been taking place on YIPI stock. Granville clarified that the Company had only used $700 thousand of their $2 million credit line with Magna and that Yippy has sufficient access to capital and is current with all obligations.
Furthermore, Glanville made it clear that “Yippy has 5.79 million shares in DTC, and these are the only Free Trading shares in the market. There are 8,040,000 free trading shares total. Approximately 2.24 million or 25% of the Company’s free trading stock is held in certificate form out of the market and will remain out of the market due to being locked up in an agreement till mid-2013.”
YIPI Stock Corporate History via SEC.gov
September, 2009: Cinnabar Ventures Inc. entered into a material definitive agreement with Belmont Partners, LLC by which Belmont acquired 5,000,000 shares of the Company’s common stock. Following the transaction, Belmont Partners, LLC controls approximately 78.86% of the Company’s outstanding capital stock. (see here)
October, 2009: Richard Granville acquired 5,000,000 shares of Cinnabar Ventures, Inc. issued and outstanding common stock representing approximately 78.86% from Belmont Partners, LLC for a total purchase price of $195,000.
Richard Granville has over two decades experience in new technology development, sales and marketing experience. Since November, 2008, Granville served as the Managing Partner of Yippy Partnership Group. Prior to that, he served as CEO of Jack9 Entertainment Inc. which was one of the most successful IPTV units online and achieved a top 250 web property under his direction from November, 2006 to September, 2008.
Granville was President of Southpaw, Inc. from March, 2003 to October, 2006 where he brought SouthPaw to profitability and spun off another successful business, Southpaw Stucco and Stone. But probabaly the most accomplished achievement of Granville’s carreer until Yippy would be when he served as the Chairman and CEO of Grace Development, Inc., one of the most successful reverse mergers of the “dot com” era. During his tenure at Grace Development, Granville took the company to nearly a billion dollar market cap before turning the company over to Ben Holcomb, the former President of Bell South International in February 2000.
To get more information about Yippy Inc., visit www.yippy.com.
Bottom Line: YIPI is one of the best penny stocks. It’s rare that we will make such a declaration about an OTC listed stock, but with the MuseGlobal and Macte Labs, acquisitions, proprietary search technology that was acquired from Visimo (an IBM Company), and also the fact that IBM owns a 10% stake in YIPI, is an absolute bargain and your an idiot if you don’t take a long position.
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