I've gathered up some DD, but it's not much. A huge mystery here, IMO. I've played penny stocks for about three years and have yet to see so much volume for a stock with so little news and discussion. Maybe it has happened before, but I haven't seen it.
Anyway, here are six items of due diligence:
1.) Company web site appears to be ptnet.com (no ticker symbol is mentioned in the site, so I'm just playing it safe).
Here is some text from the web site:
Parallel Technologies, Inc. was incorporated in 1983. Today, we are a
multi-million dollar network integrator, providing clients a full range of services to include cable installation and support, network design, installation, consulting, product offerings and IT professional contract and placement services.
To meet these challenges, Parallel Technologies, Inc. has structured our company around separate business units in order to enhance client communication capabilities and working environments.
2.) Company address (taken from above web site) is:
Parallel Technologies, Inc.
4242 Park Glen Road
St. Louis Park, MN 55416
Phone: (612) 920-7185
Email: info@ptnet.com
3.) Probable reason #1 people are showing interest:
Have a look at the historical data at
siliconinvestor.com
In short, the stock went from .005 (yes, that's half a penny) to over .90 cents in two days!!! That was as recently as January 21. Stock has since fallen to .13, but volume has been unreal, especially, IMO, for a stock without much of an internet following. This has traded over a million shares many days.
4.) Probable reason #2 people are showing interest:
Stock pick comes from angelfire.com
Here is some of the text from there:
"PLLK" STRONG BUY
Sort Term Target Price $2.00
SANTA ANA, Calif., Jan. 5
SANTA ANA, Calif., Jan. 5 /PRNewswire/ -- Ingram Micro's Telecom Integration Division announced today that it will be offering a series of total network solutions training seminars for interconnects (Telecom Value Added Resellers) in an effort to raise their level of comfort and understanding when bidding for total network solutions projects. The first round of seminars will provide Interconnects with the beginning-level education and hands-on training in LANs, WANs and voice integration solutions and is scheduled for the first quarter of 1999.
"We are very excited to be able to give interconnects what they are asking for, host hands-on training in the data area," states Laura Skinner, vice president and general manager of Ingram Micro's Telecom Integration Division. "These classes are being designed specifically for them to provide a thorough understanding of the background of the data and network industry, so that they can offer complete multi-vendor integrated voice and data solutions to their end-user customers."
The company held an introductory training session in November with 27 interconnects attending and vendor participation from Microsoft, Seagate Software, 3Com, Cisco, Newbridge, Altigen, Paradyne and IBM.
Marty Jacobs, vice-president at Parallel Technologies states, "offering integrated voice, video LAN and WAN solutions has given us the ability to become the sole source technology providers. This translates into establishing strategic partnering relationships with our customers. As a result, we have 99 percent customer retention levels and low employee turnover. Ingram Micro has provided value in our 'converged VAR' marketplace. They have established the same strategic relationships with us that we achieve with our customers. We can now single source product and take advantage of training and market information they bring to the table."
Last year Ingram Micro launched the first industry-endorsed basic telecom.
[A personal comment to the above: Although the above news item starts with "/PRNewswire/" I don't see the news on Yahoo. Again, a mystery.]
5.) No discussion thread on Raging Bull in spite of all the volume since 1/21 and being up 130% today on volume of over 6 million shares.
6.) Float and Outstanding share count appear to be unknown! That is, I have not found them in any of my searches on the internet so far. FWIW. |
