Although Onteco Corp. (PINK:ONTC) got promoted a number of times over the past months, its share price fell to a new 52-week low during the trading session yesterday. Promoters are not giving up, however, and a brand new campaign was launched last night. 
ONTC new yearly bottom is at $0.025 but the trading session closed with a total decline of 14.70% at $0.029. Trading volume for the day was among the lowest recently with only 177,329 traded shares compared to an average trading volume of over 6.2 million for the past three months.
As seen on the chart, ONTC has been on a severe downtrend and its share price dropped from around $15 in July last year to the current levels, even though the company has conducted a 1,000 for 1 reverse stock split in January this year. Countless promotions have not helped either, thus traders would probably not expect too much from the new promotional effort from yesterday evening.
A bunch of new e-mails arrived in our database and according to one of the disclaimers the total compensation paid for the coverage amounts $50,000. It has been paid by a third party, different from the previous paying parties and probably also holding shares to dump on the market.
In addition to that, Onteco looks like a company that does not deserve any extra attention. It is financially weak with around $84,000 in cash at the end of last September and a working capital deficiency of over $1.3 million.
In January, the company issued 50,000,000 restricted shares at a price of $0,001, but as it seems not for cash. According to the 8-K, 30,000,000 shares were issued to ONTC President and CEO “in recognition of his outstanding services, loyalty and dedication to the Company”, while the rest went to the President of ONTC subsidiary NexPhase Lighting Inc., again in recognition of “business accomplishments”.
