IIMC from Pennystock Goldrush
STOCK OF THE WEEK: IIMC
INTERNET MULTI MEDIA CORPORATION MEGA MERGER;
NEW PRICE TARGET: $3 TO $4
Internet Multi Media Corporation (OTCBB: IIMC: .58) We profiled this stock last weekend when it was in the .40 area. This past week we saw it move as high as .62. We cannot believe the stock is still at this level. Shareholders must not be convinced that the deal will go through. We can't blame them, as last January IIMC announced another merger. The stock price ran from .20 to as high as the $1.50 area, but then collapsed when the merger never happened. From what we are hearing, this deal is days away from being confirmed. Here is the story:
Several days ago, a privately held company called American Holding Corporation dba AmEurotech Corporation announced that it has entered into negotiations with Internet Multimedia Corporation to merge its business operations via reverse merger.
American Holdings Corporation dba AmEurotech Corporation is a North Carolina based software and hardware technology company with $6.5 million in tangible assets and has ongoing business in Greece, Spain, the United Kingdom, and currently expanding its business into the United States and South America. The company's net earnings for fiscal 2000 are projected at $1.5 million with projected earnings for 2001 to between $20 million and $25 million.
Upon successful completion of the reverse merger AHC dba AmEurotech Corporation will announce a name change and symbol change to better reflect the business of the company.
Reno J. Calabrigo, President and CEO of IIMC, said, "We are excited about this opportunity with the AmEurotech merger and becoming a profitable International Internet services company."
According to our information source, outstanding shares of IIMC is 20 to 25 million shares, with the public float approximately 10 million shares.
Here are links to the latest news stories:
21st Equity Partners in Marketing Pact With InfoCosm
quote.bloomberg.com
AmEurotech Expands to the United States
biz.yahoo.com
AmEurotech Corporation Enters Into Letter of Intent to Merge With Internet Multimedia Corporation
biz.yahoo.com
21 Equity Partners, LLC Joins Internet Multimedia Corporation
biz.yahoo.com
Reno J. Calabrigo Appointed President and CEO
biz.yahoo.com
CONTACTS
Ed Knowles
Merger and Acquisitions for 21st Equity Partners LLC
704-540-8138
eknowles@21ep.com
21st Equity Partners
Clint Walker
Vice President Marketing and Research
704-540-8138
ir@21ep.com
Reno J. Calabrigo, MBA
StarQuest Capital Corporation
170 The DonWay West, Suite 305
Toronto, Ontario M3C 2G3
Tel: 416-441-3083
Fax: 416-441-2995
Email: starquest@on.aibn.com
We like the fact that the stock is moving up slowly, rather than exploding. When penny stocks go up very fast they usually come crashing down even faster. A slow accumulation over the next several days would be good for the stock price. Our short term target price on IIMC is the $3 to $5 area. We read some information this weekend that actually attempted to price the stock at $8, $16, and $24 based on the stated projected earnings of the new company. Last fall we saw YNOT go from .20 to $25 in six weeks! So we know that those high prices are certainly possible. Our price target for IIMC is not based on earnings, but simply on our previous experience in similar mergers. This coming week will certainly be interesting for IIMC. We are EXCITED to say the least. Here is a link with the latest news:
quicken.com
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