Although Location Based Technologies Inc (OTC:LBAS) literally swamped the Internet churning out press release after press release, its market performance failed to resonate with the positive tone of the PRs. Instead of cracking the $1 barrier, LBAS stock has been fluctuating around the $0.80 level.
Never before has LBAS published as many as six official press releases in less than three weeks. The latest update, which sounds most promosing of all, only came a couple of hours ago. According to the news, LBAS had finally released its PocketFinder(R) Personal GPS Locators and GPS Vehicle Locator apps on the market allowing Apple mobile users to download them for free from the App Store. The update is a natural sequel to the PR which popped up on Oct. 3 when the company’s proprietary PocketFinder Personal and Vehicle GPS locators hit the shelves in all Apple Retail Stores(R), as well as the Online Apple Store(R).
Yet, investors have given a lukewarm response to all these news. The biggest slap in the face of LBAS stock occurred on that same Oct. 3. By the end of the trading session, LBAs had depreciated by 14%, eventually closing at $0.776 per share on a six-week high volume of 5.13 million. As it is, LBAS has since gone slightly up, albeit not high enough to show signs of steady improvement.
Obviously, all this positive stuff cannot make up for the company’s current financial health. Indeed, LBAS’s flagship products mentioned above might succeed in satisfying consumer needs and bring in some good revenue. At this stage, however, it is quite early to make such estimations.
