Is Penny Stock Vringo (VRNG) Now Friends With Facebook?

While you wait buy the Facebook IPO, watch this penny stock which has found a friend in Facebook recently. After overcoming a major trademark hurdle earlier this week with Facebook, the hottest IPO anticipation in recent Wall Street history, one penny stock could be gearing up for another run towards the $2.00 level. Vringo, Inc. (AMEX: VRNG),  provider of mobile social and video applications, entered into an agreement with the IPO everyone wants to buy, Facebook, Inc., relating to the use of Vringo’s Facetones™ mark and domain name.

VRNG is looking for a new resistance level after having reached its 52-week low January 25th, $0.68 and rising to $2.19 on February 6th.

VRNG One Month Stock Chart:

Even though VRNG was incorporated in 1996, the company still considers itself a development stage company. Business is starting to bear fruits for Vringo. Volume in the stock has been rising since Facebook announced its intention to list on the stock market last month. Interest in VRNG products has been rising for the firm as has been for many social media companies in the shadow of the online social media GIANT.

While the mobile content and service market grows, VRNG services are poised to take advantage of  the next stage in the evolution of the mobile applications market. The company’s social networking capabilities are what may keep them above the rest of the industry. VRNG’s video ringtone is sure to become the main feature the company generates its revenue from in the short term

By entering into the agreement, the Facebook and Vringo potential dispute has been resolved peacefully and favorably to the satisfaction of both social media companies. The agreement clarifies Vringo’s permitted use of the Facetones™mark and domain name.

VRNG is definitely a penny stock to watch and capitalize on the momentum in social media companies in the shadow of the upcoming Facebook IPO.

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