One of the best ways to move a pink sheets stock is the company getting some positive news out, and if someone pays for a promotional campaign, it is usually enough to send it flying. Still, there are exceptions to most rules.

ITKH_chart.pngThe exception in this case was the abysmal performance of Iteknik Holding Corp. (PINK:ITKH). For a while the company had been releasing reassuring PRs one after the other, and as the promotions got going on Feb. 10 it seemed very likely that the stock soars to new highs. Instead, it had a very moderate gain on Feb. 11, followed by a heartbreaking plunge this week.[BANNER]

Reasons for ITKH to go down are not lacking. For starters, the company seems to have some problems with its working capital. In addition, its subsidiary Send Global Corp. has a Civil Action against it for owing tax, penalties and interest. The company also increased the number of authorized and outstanding shares.

ITKH_logo.jpgOn the flip side, ITKH seems to have real operations, which a lot of companies traded on the pink sheets don’t. Furthermore, the company reported net income for the quarter in its latest financial report, which is even more rare for companies in this tier of the OTC market.

In the end though, the performance of ITKH this week suggests someone really wants to get rid of a lot of shares. Investors have to decide whether this is a good time to get in at these lows, or this is just the beginning of a journey to the rock bottom.