Despite spending most of 2010 in the 0001 tier, the stock price of WatchIt Technologies Inc. (PINK:WTCT) entered the sub-penny area on Jan.13 and started climbing up. Yesterday, backed by a giant wave of promotion and alerts, it doubled its value and closed at $0.006 - a 32-month high. The turnover also surged as 80.8 million shares changed hands, marking a threefold increase over the average volume.
The 100% increase in WTCT share price comes hot on the heels of an official press release mixed with numerous promotional activities. The special announcement concerned the lab testing of the company's patent pending Fuel Reformer, the results of which would be published on Wednesday. I added that the management had now drawn up the proceeds plan required by interested parties willing to invest in WTCT. The release must have sounded impressive enough as many promoters were quick to spread the word among investors, publishing news alerts. Paid promotion also took place. It turned out to be financed by the very WTCT setting aside $10 thousand for the purpose.