On Friday On The Move Systems Corp. (OTC:OMVS) stock reacted in a strange manner to the latest press release of the company – it scored a new 52-week low. The chart shows, however, that it is not strange that press releases alone could not reverse the fall of OMVS after the filing of the 10-Q two weeks ago. 
In the last trading session OMVS closed 47.62% down at $0.22 for a share, whereas the new yearly low of the stock is at $0.19. Trading volume for the day was nearly 653,000 shares, which is also a record in the short trading history of the stock.
Early in the morning on Friday, OMVS issued a press release according to which Android has surpassed Apple iOS as the market leader in mobile applications downloads, and respectively On The Move Systems Corp. intends to profit from that by developing “fun, engaging and innovative new apps compatible across all of the top mobile platforms”.
On October 17, OMVS had also announced to have signed a mobile applications development agreement with a company named Spud McCool Media Inc. The purpose of that agreement would be to collaborate to create innovative software products for smartphones and tablet computers. That announcement produced also no positive reaction on the stock market, on the contrary – OMVS share price tanked from $1.5 to its current level in a matter of two weeks.
Maybe that has something to do with the fact that OMVS latest quarter report appeared on the same date – October 17, 2011. According to it, at the end of August 31, 2011 the company had $247,000 in total assets and $390,000 in total liabilities, whereas the liquid assets available were by far insufficient to cover the current liabilities. As that ratio was reversed at the end of February, it looks like some investors were actually caught by surprise.
