Yesterday, Bitzio, Inc. (OTC:BTZO) issued two press releases in just one day, but the reaction on the market can be called just modest. Later in the evening, however, the company got also some promotional coverage that could make today’s session much more interesting. As BTZO still has no fundamentals whatsoever, the promo mail focuses on the recently bullish chart. 
The session yesterday closed at $0.63 for a share on a trading volume of 77,404 shares. That is still a 14.55% increase from the previous close. The promotional newsletter points out that BTZO chart looks technically very good, for which the promoter expects to receive $50,000 as compensation from a third party. The effect of the promotion combined with the news from yesterday could allow BTZO share price rise further even after four consecutive sessions with a positive price change. Long-term, however, it all looks very uncertain.
Yesterday the company announced that it has a new strategic partner – Bridgewater Capital – who will help the company grow and expand. The press release did not mention how BTZO will pay for the consulting service with its $2,731 in cash at the end of June this year. The latest SEC filing says, however, that BTZO paid in the past with 750,000 shares of its common stock to “various consultants”, thus it will not be a surprise if it keeps issuing more shares as a means of payment.
Meanwhile, this month there has been news on the acquisition of Digispace Solutions, LLC, which should be done over BTZO wholly-owned subsidiary Digispace Holdings, Inc. The terms have been amended and Digispace Holdings, Inc. will have to pay to the selling shareholders $100,000 from the total cash amount of $200,000 on or before the closing date.
Also, in addition to the options to purchase 1,000,000 shares of BTZO at $0.45 per share, the selling shareholders would be appointed to Bitzio Advisory Board for a period of six months and will be paid 5% of Bitzio’s revenue during that period, to a maximum combined total of $300,000. New closing date for the acquisition is September 30, 2011.
