Last Thursday, Christine Buchanan-McKenzie had $36 million on paper. Today she has $87.8 million. She got her paper fortune through a pump.
The pump in question was on Pristine Solutions, Inc. (OTC:PRTN), and was conducted by Awesome Penny Stocks (APS), supposedly for a mere 10,000 EUR. It gave PRTN a 62.67% boost on volume of nearly 111 million shares.
This may very well be the next North Springs Resources Corp. (PINK:NSRSE), as PRTN has a market cap of approximately $153 million with nothing more than a patent pending and total assets of $16 thousand. The company is yet to provide financial a financial report on the situation at the recently acquired Eaton Scientific Systems, Ltd.
Despite the obvious dissonance created by the valuation and the extremely limited assets, yesterday traders were all over the stock, and the only viable explanation is the APS pump.
Unlike previous fake APS pumps, PRTN has a familiar name in its history. The legal opinion was provided by Carrillo Huettel, LLP which has had dealings with previous APS schemes.
According to the filings of PRTN, the former sole officer of the company, one Christine Buchanan-McKenzie, should have about 240 million shares of PRTN, assuming she didn’t sell them yesterday. She was issued 40 million shares for $6 thousand back in 2009. Those shares turned into 240 million after a forward 6 for 1 split on April 2, 2012.[BANNER]
For 3 less than 3 years of doing nothing but losing money, $87 million is a pretty hefty amount of money, even if it’s just on paper. While Ms. Buchanan-Mckenzie will be getting a premium if she sells her shares at any price above $0.000025, ordinary traders are looking at entry positions around $0.35. If PRTN follows the pattern of previous stocks pumped by APS, a failure to exit before the dumping starts may result in losses in excess of 99%.
