Surprise! The penny stock of Mimvi, Inc. (MIMV) exploded in the middle of lunch after announcing a deal with the big kahuna, Microsoft Corp. (MSFT). News of a finalized partnership agreement with Big Billy’s Corp. will see Mimvi develop a number of products and services to complement Microsoft’s Windows Azure and Windows Mobile 8 Platforms. The agreement has sent MIMV stock through the roof and trading activity is likely to continue to heat up for the remainder of the day.
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MIMV Stock Chart
Market Cap: 25.19M
Last: 0.50, up 0.23 (85.19%)
Volume: 2,081,468
Dollar Volume: $750,313
High: 0.54
Low: 0.182
Trades: 341
Average Trade Size: 6,158
Authorized: 300,000,000
Issued and Outstanding: 50,950,012
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The deal is said to have Microsoft making investments in Mimvi in the form of engineering services, software, and cash. What more could you ask for when you have just $77,983 in total assets as of June 30, 2012? Mimvi’s CEO, Michael Poutre was quoted as saying: “It is a privilege to work with Microsoft.”
Hey Mike, it’s better than a kick in the teeth that’s for sure. Or better than defaulting and breaching the covenants of a $25,000 loan.
As of June 30, 2012, the Company maintained a short term note payable to a related party of $25,000. This note payable is collateralized by 250,000 shares of common stock of the Company due to mature in August 2012. As of June 30, 2012, this note is in default for the breach of certain covenants.
During the three months ended June 30, 2012, a related party advanced $5,000 to the Company. In June 2012, the Company issued 25,000 shares of Common Stock at a per share price of $.10 for repayment of $2,500 of these advances.
As of June 30, 2012, $2,500 of this advances were outstanding. In August 2012, the Company issued 25,000 shares of Common Stock at a per share price of $.10 in exchange for the balance of these advances.
With 5 seeking alpha articles written int he last 30 days and linked the the Yahoo Finance page, could the $500,000 of MIMV unregistered shares (see here) just be a chance to get some shares out there on PR day? Is the deal more legit than just: “We are delighted to be working with Microsoft,” because we are using their products which technically means we are working with them.
About MIMV Stock
Mimvi, Inc. is a development stage technology company that develops advanced algorithms and technology for mobile applications and mobile Internet related technology and personalized search, recommendation and discovery services to consumers and business enterprise. The Company’s personalization technology automates the organization of mobile content.
From August 7, 2007 through June 30, 2012, the Company realized revenues of $89,175 primarily from enterprise consulting services.
Click here to view the SEC filings for MIMV.
Bottom Line: MIMV deserves to be on the list of penny stocks to watch based on this 157 word press release. “Exact terms of the agreement will not be disclosed at this time” has created enough speculation to drive the PPS of MIMV stock up over 100% already today.
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