E-Debit Global Corp. (PINK:WSHE) trading volume exploded on Friday after the company announced a new agreement. Today, some action might be expected as well as the stock got promoted for a solid compensation yesterday evening. 
Friday session closed with only 3.33% increase in the share price at $0.031, but the trading activity was quite unusual. Almost 1.45 million shares were traded during the day, the average value for the past 30 days being only around 93,000. As WSHE chart shows, the next resistance level is at $0.04 and it could get possibly broken today. Yesterday evening, two promotional newsletters covering WSHE have been sent to traders. According to the data in our database, the promoter received $50,000 as compensation, which is an amount high enough to expect a significant effect on the market.
Also yesterday, the company issued a new press release announcing an agreement with European and South African mobile Telco software and infrastructure provider IN-CORP AG’s Canadian subsidiary MapleTel.com. According to the the PR, E-Debit Global hopes that this cooperation would help to launch the company’s mobile and Internet based payment platforms.
Given that most of the trading volume yesterday, and the share price increase, happened before the press release came out, it is doubtful if traders saw much more potential in the announcement or just anticipated that WSHE would get a new promotion. The company’s recent financials also explain the low value that the market puts on the stock.
As of end June 2010, WSHE had $1.9 million in total assets, only $51,000 of which in cash. Working capital deficit for the quarter exceeded $1.7 million, while year-over-year the revenue declined, the net loss grew up and the number of outstanding common shares rose in a year from 49.3 million to 92.3 million.
