Recent activities of OptiCon Systems, Inc. (OBCN.OB), including company’s expansion to Africa, seem to be driving the company forward. However, this reminds me more of a hype rather than the actual events. Although in the end of February the company announced that it has signed an agreement with Devalco of South Africa, it was not justified by the 8-K filing. Besides, in June of 2008 OpriCon Systems released more stock with the relation 1-to-20. In case of Google, let’s say, many investors would be in a great joy but not under these circumstances. The reverse forward was a way to get more money for the company. However, Opticon management didn’t think about the present investors. After the spilt, the stock price went down and investors lost money.
As that would not be enough, the company paid almost $650,000 to different firms for stock promotional purposes. All in all, after this news there is no point to look at the financial side of the company. As I have taken a peep at them, I didn’t see anything worth to be discussed.
The only positive thing the service of promotions made was the jump up of the stock price by 15% and increase in trading volume up to almost 8 million. This company seems to be ready for everything in order to get what it aims to.