I just received some OTC stock spam on behalf of Ido Security (OTC BB: IDOI). The company has 34.3 million shares outstanding (see the most recent 10Q for details), and at a recent price of $2.02 per share it has a market cap of $69 million. This despite a book value of $2 million, no revenues, and a loss of $9 million over the last nine months. The company has spent only $200,000 over the last nine months on R&D and yet it hopes to compete in the field of metal detectors.
Send this pumped-up penny stock into the trash can. Do not pass Go and do not collect $2 million (for those of you playing the updated Monopoly).
Following is the text of the spam email I received regarding this stock. I love the last paragraph:
Find out today, it will rock tomorrow IDO Security INC (IDOI.OB) Last Trade: Tuesday December 4th: $ 2.02
LOOK OUT Read this Great news about IDIO, and watch it trade on Wednesday!
The Honorable Tom Ridge Teams with IDO Security
IDO Security (OTC Bulletin Board: IDOI), a provider of innovative solutions for the homeland security market, today announced that The Honorable Tom Ridge, the first Secretary of the Department of Homeland Security, will provide special consulting services for the company. Governor Ridge will work with the company to accelerate U.S. implementation of the MagShoe high speed shoes-on portable footwear weapons detection system.
IDO Security, (OTC Bulletin Board: IDOI ) the provider of MagShoe(TM) high speed shoes-on portable footwear metal weapons detection system, commented on a joint assessment issued on October 24th by the Federal Bureau of Investigation and the Department of Homeland Security’s Office of Intelligence and Analysis that terrorists may be stepping up their shoe bombing efforts. The report was prompted by the capture of a suspect with a metal blasting cap concealed in a shoe.
IDO Security Inc., (OTC Bulletin Board: IDOI ) a provider of innovative detection solutions for the homeland security market including the MagShoe(TM) high speed shoes-on portable footwear metal weapons detection system, today announced the sale of additional MagShoe(TM) units from Port Lotniczy Gdansk Spolka z.o.o., the operators of Lech Walesa International Airport’s terminal facilities. This sale expands a prior installation of MagShoe(TM) units at the airport providing the capability to quickly and accurately screen all passengers for metallic weapons.
Information within this report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the SEC Act of 1934. Statements that involve discussions with respect to projections of future events are not statements of historical fact and may be forward looking statements. Don’t rely on them to make a decision. Past performance is never indicative of future results. We own 400,000 shares of IDOI, and intend to sell these share. This could cause the price to go down. Un-affiliated Third parties may own stock and will sell those shares without notice to you. This report shall not be construed as any kind of investment advice or solicitation. If you are not a savvy pink or bully investor we suggest you sit back and watch. You could lose all your money.
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Disclosure: I have no interest in IDOI. I have a disclosure policy that has a $480 billion dollar contract with Homeland Security to produce a thought-control device with a range of 800,000 miles . However, I plan to subvert the government’s plan for imperial domination by using the device to encourage people to vote for Ron Paul.