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Los Angelas, CA -- (SBWIRE) -- 01/29/2013 -- Great East Bottles & Drinks Hldgs (OTC:GMEC), Penny Stock Day Trader disclosed a compensation of $101 thousand dollars, paid for a month-long promotional run. It's worth mentioning that this is the umpteenth promo for the stock in a little over a month, with previous waves of promos marked on the stock chart. The pumper song mostly remains the same - 'low-float', 'undervalued' and all that beautiful fuzz. The company's press release about their revenue having increased year-over-year is also mentioned. While we would rather wait and see the final and official numbers in their yearly report which is still due and check whether GMEC has turned profitable, it can't hurt to look at some other numbers that we have available as of now.
The fact that the company reports millions of revenue doesn't stop it from logging a net loss at the end of the day. Actually $305 of the total $369 thousand of loss were recorded in a single quarter of 2012. The fact that the company's website has links labeled Board of Directors and About Us that lead respectively to GMEC's profile pages on Reuters Finance and on OTCMarkets.com doesn't help bolster investor confidence much. The company is also in the habit of repaying debt by issuing millions of shares of stock. Additionally, over 2011 and 2012, GMEC paid a total lease sum of $255 thousand to a certain China Culture Limited, an entity wholly owned by one of GMEC's directors - a practice some may frown upon.
In an 8-K filed in November GMEC announced they expected to receive up to $2 million in financing through their agreement with Kodiak Capital Group, LLC. Kodiak have a history of multiple canceled financing agreements with a number of businesses, so the arrival of the money seems highly unlikely. In addition to all that, there's also the fact that the company is headquartered and operates out of China, which brings the whole issue with the SEC exerting control over the operations and reports of entities operating in the PRC.
The promoters at Penny Stock Day Trader announced that the $101 thousand they received was for a month-long profiling of the company, so the emails will probably keep coming and the stock may run for a while.
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