Okay, ya talked me into it...
(RDIM looks about ready to blow! That one should be fun, too.)
WSMI is an Over-The-Counter (OTC) stock. This means it isn't on any of the Exchanges but is handled by the Canadian Dealing Network. To trade OTC it doesn't need to meet the same standards (i.e., listing requirements) as it would to list on an exchange. As a result of being OTC, bid/ask stats are not available, so trading becomes a little more interesting.
Okay, now for the Company. WSMI is mainly a merchandiser of collectibles. They recently JV'd with a U.S. marketing company to set up "Bee-Trade.Com", a "full-service collectors network and live auction Internet Company". The two companies will set up/host/operate the Web site (presumably taking a cut of the action somehow?) and sell their own merchandise through the site, as well as using the site for market research, etc., etc. The U.S. company (Cable Print Network Marketing) will advertise the site through it's "many existing publications."
Yesterday's news release stated that the JV has joined the Internet Marketing Consortium (IMC). The IMC is a group of Internet companies reportedly getting over 80 million hits monthly. I guess they promote each other, etc. Bee-Trade will be the only collectibles auction service in the Consortium. The IMC is owned by Cable Print Network Marketing, so Bee-Trade.com doesn't have to pay the membership fee to be in the Consortium. (Don't know if the membership fee is one-time or annual). Also, WSMI has been granted the right to market the Consortium to Canadian-based Internet companies. For each company WSMI brings into the the Consortium, it will get half of the $10,000 (U.S.) membership fee and a percentage of the revenue the new company generates as a result of exposure on the IMC.
It's all still very early for this issue since they don't actually have Bee-Trade.com up on the Web yet, and IMHO it sounds like cash-flow is fairly limited for them at this point. But at $.20 or $.30 a share I figure it's well worth a roll of the dice.
Regards,
JP |
