POWRtec International Corp. (OTC:POWT) got shocking trading volume yesterday which raised the share price sharply up at market open. The company published a press release, it did not say anything substantial, however. 
POWT traded 21.2 million shares yesterday, which is actually a huge number when compared to the average trading activity of less than 348,000 traded shares in a day for the past three months. It is also the highest volume for POWT in its entire trading history. Intraday chart shows that the share price jumped to $0.125 at market open, but then the closing price was $0.085, or 18.06% higher than the day before.
Such trading pattern resembles that of promoted stock, yet we have no data of any promotions for POWT. Although a press release came out yesterday, it did not contain information that could cause such a rush for POWT shares. According to the announcement, POWT would retain its previous investment banking company and would keep searching for funds to finance its operations.
It is true that POWT desperately needs to raise capital, but the PR did not even hint at any already found potential investors, or mention why exactly now POWT should be more attractive. The last 10-Q reveals that the company’s only client has not made any orders since late 2009, hence the lack of any revenues.
POWT losses since inception are already about $8 million, or nearly equal to the company’s current market cap, while its current liabilities exceed its current assets by $3 million.
