PGFY’s goal is to provide a simple notification tool that puts you in control of what you receive. PINGIFY will display the PINGS via an easy-to-use application. The application is designed to allow the user to “set and forget” requests. PINGIFY’s AGENTS (programs that mine the data) continually monitor the website and delivers PINGS to the user only if the product matches what the user seeks.
- The company went public through a self-directed IPO, where the CEO received 25 million shares at a cost basis of $0.001 ($150,000).
- The company is touting its product as a lead generation tool to match buyers and sellers. As an example, here is an excerpt from its 2013 10-K.
“We are working with a leading auto classified site to provide a means for their dealers to deliver Branded Pings to our users, once we have users of our app. Our users will have given us the information for the types of vehicles they are currently seeking. With this information, we will provide a targeted lead generation system to the dealers. The user only gets Pings for vehicles they are looking for and the dealer only pays for Pings sent to users that are requesting them.”
- Like many past successful pumps, the company’s SEC filings go into great detail about business strategies and market opportunities. There is no press release flow yet but a major third party promotional campaign by an “unaffiliated 3rd party” Laluna Services Inc. had commenced for $6.5 million.
- 50.1% of the stock is owned by the company’s President and CEO. The only other employee of the company is the CFO who owns no stock and does not receive any compensation. We find it hard to believe that the CFO is not being “compensated” in some manner.
- The company uses all the right social media buzz words in its filings by stating that its app will be able to work on cell phones and is available on iTunes. The company also claims it is developing a Facebook app and throws in the hot Software as a Service (“SAAS”) reference.
- We learned that the iTunes application was available for download on March 8, 2012 and that a relationship with Beyond.com to receive $0.05 per click is over a year old. Apparently, these ventures are not going that well. According to the company’s last 10-Q it didn’t earn any revenues.
We are currently running through our DD check list on the characters associated with this stock and will inform you of our findings. For more information on this story please see post on Seeking Alpha Instablog.