Poynt Corp (CVE:PYN) (PINK:PNYTF) share price tumbled back down despite the recent news of a new patent acquisition.
PYN stock has lost the moment that was seemingly building up after traders saw the share price gap up 16% last Friday. The trading volume evaporated on Monday, despite reaching 6.3 million at the end of the last week, which was twice the average.
The recent news published on May 13, 2011 said the company added a fourth patent to their portfolio. The newest one is for system and methods to deliver mobile E-directory services.
This patent allows using a unique method for a mobile device user to get proximity sorted directory results to their device. The system is based on “automatic location detection on a mobile communication device and a search query”. Results of E-directory query and web query are compared and the system ignores all the duplicate entries.
The patent grant created only a one day spike on the stock market, showing the pessimistic sentiments still prevail. The stock price has been on a downtrend since February, when the company’s acquisition of advertising assets from go2 Media, Inc. created a large increase in their stock price.
The company is well financed at the moment due to $15.5 million funding closed in April. Dilution rates remain alarmingly high though – over the year 2010 the count of outstanding common shares increased by 132%.
