Penny Stock on Fire!
Update: Echo Automotive, Inc. (OTC: ECAU) made a spectacular run up earlier this year to highs of $3.50 per share. Since then the stock has continued to collapse and looks to be headed to a qaurter and fast.
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While the multi-million dollar stock promotion continues led by Five Star Equities and many others, ECAU continues to move higher on massive volume. Investors should be aware that besides the hype, this Company has little assets, no revenues and very high overhead.
Conclusion: ECAU may continue higher in the short term due to the aggressive multi-million dollar stock promotion. Long term the stock cannot maintain anywhere near its current $100 + million market cap and will fall significantly. Stocks with little fundamentals and massive stock promotions always turn out badly for investors in the end.
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Echo Automotive, Inc. (OTC: ECAU) was organized under the laws of the State of Nevada on September 2, 2008 as Canterbury Resources, Inc. Canterbury’s initial business plan was to acquire and explore mineral properties. Canterbury has not generated any revenue from its business operations to date, and to date, has been unable to raise additional funds to implement its operations.