Yesterday the share price AvWorks Aviation Corp. (PINK:SPLI) tanked to new low on the second highest trading volume of the stock recently. Though the company has no operations whatsoever yet, its stock has been strongly promoted this month and there is another promotion for today’s session.
SPLI closed yesterday’s trading session with a loss of 18.33% from the previous close. Shortly after market open the share price fell to $0.04 but then closed the market at $0.049. Thus, although traded only since last September, SPLI has already had a broad trading range of between $0.30 and $0.04 which is to a great extend due to promotional activity accompanied by a large amount of favorable press releases.
Our database shows the total amount of money spent on promoting SPLI this month only has reached $80,000. Last night the latest newsletter came in, saying SPLI were ready for a large bounce up after it has already hit the bottom.
Interestingly, SPLI draws a pretty picture of itself in its press releases. This month, two have come out, talking about rapid expansion through new joint ventures and purchase contracts. At the same time, AvWorks Aviation financial reports show no signs of economic activity as the company had zero assets at the end of September 2011, and also at the end of the last three reported years (2008, 2009, 2010).
In October, SPLI started a new business by acquiring a another company described as “a diversified broker and supplier of parts, products and services to the worldwide aviation, aerospace, government and defense markets.” Yet, nothing about expansion is mentioned in the last 10-Q, moreover it states the company has never had any operating revenue since its inception in 2003. At least, there is now a new business model that could still be developed.
