Montreal based Technologies Scan Corp. (TENP) thought they were sure to hit a home run today after announcing plans to acquire Potencia21 from Social Geek Media Inc. The letter of intent calls for Social Geek to execute a detailed license agreement, electronic commerce supporting agreement and any other documentation required for the Company to enter into the $66 billion weight loss market. While things in penny stock land don’t always go according to plan, those who got caught in the Circle with TENP stock didn’t think the weight loss was going to be in the form of the share price.
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TENP Stock Quote as of 1:32PM
Market Cap: 17.24M
Last: 0.105 ▼ -0.095 (-47.50%)
Dollar Volume: $181,106
Issued and Outstanding: 164,150,000
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Just over one month after rescinding their agreement to acquire iSpeedzone for 135 million restricted shares, Technologies-Scan Corp. had to figure that getting traders into a Circle to pump TENP stock off of “talks” to acquire Potencia21 would give them the potential to dump 21 times the amount they would have had they not made the announcements. The proof is in the pudding today as they relentlessly dropped bombs onto unsuspecting traders who got into TENP thinking it was a sure ticket to the winner’s Circle.
This deal they are working on with Social Geek would cause Technologies-Scan to issue 200 million unrestricted shares for the acquisition of the exclusive license for one region only, the North East United States. Social Geek developed a line of food supplement and nutritional products known under the brand name “Proteina21” as well as a marketing and commercialization strategy, including an online automated platform to accept orders, process payment, ship products and provide customer support, for the products.
The poorly written 8-K does note that $100,000 cash would be due at the closing of the deal with Social Geek which now makes sense as to why they wasted no time in trimming some of the fat off of TENP stock to sell at every available opportunity. Since the Company only had $3,536 in cash as of the end of their last reported quarter, December 31, 2012, the money had to come from somewhere since they had no revenue vehicle to drive money in.
Perhaps the deal with iSpeedzone would have been better suited for today’s play on TENP stock since it took no time to rush itself down -50% from the open and pin traders into the corner with no way of getting out without buying their way through it. Such a shame considering the Potencia this PR could have mashed together had it not been French-Canadian based – Blame Canada!
About TENP Stock
Technologies-Scan Corp. is a marketing company, specializing in online sales and marketing of consumer products and services.
Click here to view the SEC filings for TENP.
Click here to view the website for Potencia21.
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This is the 2nd time in a row Penny Stock Circle has been dumped on and they must be furious at the pig sellers behind TENP. That, however, is the nature of the promotion game where fresh new tickers like TENP stock fall from glory before the “G” can even get put up on the screen. Tomorrow will be the “knife catching” bounce play for those willing to take a shot at gaining some weight on the share price over night.
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