Take a minute, read this, and I hope you REALLY laugh:
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INTERNATIONAL INDUSTRIES, INC. (ININ) $0.04 unch It's the Internet Press Release Game again. For a while this year, all it took was a press release stating a company's intention to move to the Internet, and - whammo! - the stock jumps as investors rush in. Don't think this went unnoticed by the companies. Today, in a blatant recognition of this, ININ issued a press release stating its intention to sell cigars online. The site, not yet operational, will be called www.stogiesonline.com. But the amazing thing about this press release is the following quote from President Gary Schultheis: "With the recent success of other online e-commerce sites like Egghead Software (Nasdaq: EGGS), Zapata Corp. (NYSE: ZAP), Ktel (Nasdaq: KTEL), Audio Book Club Inc. (Amex: KLB), Navarre Corp. (Nasdaq: NAVR), Amazon.com, Inc. (Nasdaq: AMZN) and Seventh Level Inc. (Nasdaq: SEVL), we
felt the timing was right for International Industries to enter the online arena."
What success? Not one of these companies is profitable as an ecommerce business!
In fact, only KTEL is profitable at all, and its last quarter was a huge loss. There can only be one conclusion. Schultheis means success in the stock market, not success in business. All of the companies (forget AMZN for a minute) had large jumps in their stock price when they issued press releases stating their intent to move to the Internet.
KTEL insiders even sold heavily on the rise. But so far today, it hasn't worked for this little bulletin board stock as the price hasn't
changed one penny (which would be a 20% move).
This company tried a 100-1 stock split just one week ago, which also did not move the stock, although it changed the price from $4.00 to $0.04. Since we can't find any SEC data on the company at all, (it has only been public since December, but there should be something available), we can't comment on whether the online cigar business is worthwhile. Better wait until you can actually order a cigar online (the site is just a blank page today) and read some legally required filings, before you jump in here, lest it be you who gets smoked. |
