Just a couple of hours ago a fresh promotion was detected on the horizon by Hotstocked. The campaign was dedicated to Forex International Trading Corp (OTC:FXIT), a company that offers foreign currency market trading to professionals and retail clients over its web based systems.
The promotion cost was $30 thousand and was led by a group of sites, among which Penny Stock Picks, Bullish Stock Picks and Premium Stock Picks. The paying party remained anonymous. The promoters proclaimed that the FXIT had just announced first quarter revenues of over $3 million and 100% earnings growth.
There was, however, one serious discrepancy in the promotion. The newsletter said that the company had audited financials, which is not very correct. Apart from the balance sheet for 2010, there is no other audited section in the company’s last 10-Q. The whole statement of operations, which includes the $3 million revenue, is everything but audited. [BANNER]
Anyway, the $3 million revenue was attributed to the commencement of FXIT’s trading platform in May 2010 and the consolidation of Triple 8 Limited, where the company owns a 45% interest. According to the records, Triple Limited had $7.5 million revenues in 2010 and a net profit of $500 thousand.
It also turns out that FXIT initially intended to obtain exploring and exporting gold license from the Republic of Ghana, but later on it abandoned this enterprise.
Today, it is expected that FXIT will make a conference call to discuss the announced financial results. The reaction of the market, however, is not predictable at this stage. There are also a couple of unanswered questions which can stir mistrust among potential investors.
