If you have ever visited China, Taiwan, Hong Kong, Vietnam, Singapore or Indonesia and walked past an internet cafe there, it isn’t rocket science to figure out these people love playing online games. The people holding the penny stock of ProGaming Platforms Corp. (OTC: PPTF) hope you buy into that fact as they attempt to move some bags around on Thursday. They are hoping those same non-scientists don’t notice that the one revenue stream PPTF stock had going for it was terminated more than a year ago and things aren’t looking so good right now.
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PPTF Stock Quote
Market Cap: 2.58M
Last: 0.0495 ▲ +0.0135 (+37.50%)
Volume: 305,000
Dollar Volume: $13,288
Open: 0.04
High: 0.0495
Low: 0.04
Trades: 7
Authorized: 500,000,000
Issued and Outstanding: 52,197,055
14-Day Rel Strength: 57.35%
14-Day Stochastic: 60.94%
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Held thinly by a small group of insiders living in and around Tel-Aviv, Israel (9,625,000 shares, 18.44% of the issued and outstanding), PPTF stock is as good a penny stock to own long as buying an Atari 2600 would be today in hopes of getting the jump on a comeback happening. More than a year ago, a Corporation from Luxemburg terminated their license to use Progaming Platform’s proprietary online gaming technology in certain parts of the world which effectively cutoff all cash inflows.
Looking to revive the money pipeline, Progaming announced in February that they had closed a deal for a Joint Venture agreement with Zenetek LLC to market their online gaming services in the Southeast Asia market. With the ability to host anywhere from 2 to 4,000 competitive gamers at the same time. The Company’s online game- hosting platform which scores, grades and advances winners in real time, and instantly allocates winnings using all traditional online billing methods where relevant hasn’t proven to be a winner in the past which creates doubt S.E. Asia will be the non-rocket scientist needed to throw cash around.
With the gaming industry evolving faster and more advanced than the mobile phone industry, it’s hard to think that Progaming’s three year old technology which allows for a interactive, rewards-based puzzle gaming experience is going to be able to suffice to be able to return PPTF to any watchlist other than a “rip and flip.”
About PPTF Stock
ProGaming Platforms Corp.. an Israeli-based developer of a commercial multiplayer online gaming and reward processing platform, is a development stage company with the intentions of eventually entering into licensing agreements with online game service providers in the U.S.
Click here to view the SEC filings for PPTF.
Click here to view the website for Progaming.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 05/01/13 | 0.0495 | +0.0135 | +37.50% | 305,000 |
| 04/30/13 | 0.0360 | unch | unch | 2,000 |
| 04/25/13 | 0.0360 | -0.0040 | -10.00% | 5,800 |
| 04/23/13 | 0.0400 | unch | unch | 220,300 |
| 04/22/13 | 0.0400 | -0.0100 | -20.00% | 123,500 |
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Bottom Line:
PPTF trades thinner than SOUP (no pun intended) and is one of the few penny stocks that stands little chance of seeing any gains after the gap open. If those behind PPTF stock didn’t push it up 37% yesterday, there might have been a chance to be penciled in on the list of penny stocks to watch today.
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