Echo Automotive, Pump Continues as the Dump Begins
Echo Autmotive drops 26% this morning as the company continues to put out PR. Possibly the beginning of the end for this promotion, and I'm doing everything I can to make sure the truth gets out about this company that:
1) has no revenues
2) has no product
3) has no net cash on the balance sheet to produce its concept and make an actual product
4) is being mercilessly pumped by promoters who have spent millions of dollars
5) doesn't answer its phones (at least when I call)
6) is run by a couple of guys who appear to have experience that looks like "used to run a car repair/hot rod parts shop" Oh, a striking number of businesses appear to have failed, or at least no longer appear as active businesses in Arizona.
7) Promises an, off-the-shelf "technology" that costs little, can be installed in hours, and save's thousands of dollars a year. Yet hey, no one else has thought of it, and best of all, instead of taking this great idea to real venture capitalists or car companies, and making money right off the bat, they're selling shares to us!
I've contacted the Mayor of Indianapolis through multiple channels to let him know that he's become involved in a stock promotion. I doubt he'll be so gullible next time Echo comes calling for a PR blitz.
I've also contacted the news department at the Indianapolis Star, so they can keep an eye on this promotion and the Mayor, to make sure it all stays on the straight and narrow. Finally, I've dug up a few more breadcrumbs in the twisting trail between the company and its network of promoters. This I've sent to the SEC, which has a decent record of shutting down these promotions -- and sometimes jailing the people behind them -- once they get into the range of millions spent and hundreds of millions in worthless market cap.
In my opinion (and my record on these schemes speaks for itself) you buy shares of Echo Automotive and you guarantee yourself a loss of near 100%.
If Echo Automotive actually has a product and a future, there will be plenty of time to make money after they've proven it. Until then, ask yourself why the only thing the company produces is PR.