Shares in the penny stock of green energy focused Onteco Corporation (ONTC) shot out the gate like a thoroughbred turned into a donkey before the first turn. ONTC stock is currently trading at up 22.58% at 0.0038 with nearly $200 thousand traded so far in Tuesday’s trading session. After announcing that it was finalizing an international licensing agreement for their exclusive marketing, sales and installation of the Company’s NexPhase intellectual property, the penny stock of Onteco rose as high as 0.0069.
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ONTC Stock Chart (intraday)
Market Cap: 0.39M
Shares Outstanding: 125.72M
52 Week Low
(6/15/2012): 0.0023
5 Day Pct Change: 3.33%
5 Day Moving Avg: 0.0031
5 Day Avg Volume: 266,044
The Company stated before the market open that it was crossing the t’s and dotting the i’s on a deal with a Brazilian lighting products manufacturer for their exclusive marketing, sales and installation of the Company’s NexPhase intellectual property (“IP”). Onteco signed its first international license agreement with JARLYN S.A, a Uruguayan corporation, on April 30th for its proprietary LED lighting IP. Under the JARLYN license, Onteco Corp. is to receive a combination of $2.9 million dollars in common stock listed on the Frankfurt Stock Exchange plus a cash payment, in addition to an ongoing royalty stream on gross revenues from the sales and installations of lighting products using the IP.
In February, 2011, Onteco purchased NexPhase Lighting, Inc., a designer and developer of proprietary high quality LED lighting fixtures and control systems for commercial applications. It may have been a good move for the Company at the time, but shareholders of ONTC stock are down -99.23% YTD.
About ONTC Stock
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant environmental challenges facing us today. Additionally, these solutions must show promise of generating significant, ongoing profits for the company. The company determined that one industry that meets these criteria is the Energy Saving Lighting Industry.
Bottom Line: This penny stock doesn’t stand a chance of being anything more than a bag holding investment for anyone long trading ONTC shares. The stock price barely made it past 10am before it began trading flat offering swing traders with less than $100 to risk a perfect play for the 1/1,000th of a cent moves on ONTC. One and done, ONTC will not be the focus of traders until the next PR bingo game is announced.
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