Shares of DoMark International, Inc (OTC: DOMK) continue to rise amid widespread anticipation and excitement over the launch of the Solapad which means consumers can say goodbye to charging their Apple I pads forever. The cover has a high efficiency solar panel as well as an internal battery that keeps charged at all times. SolaWerks also make covers/charger for the Amazon Kindle.
The stock has seen a meteoric run from around the $0.60 level to an all time high of $4.88 per share. Currently trading at $3 the stock continues to trade strong and maintain a healthy chart pattern with an intra-day high of $3.60. Volume has slowed down the last 2 days, we will see if the heavy demand that has marked DOMK's trading continues into next week. If it breaks the $3.60 level that would be confirmation of continued promotion and potential upside for the stock.
DOMK of course has been heavily promoted both online and via hard mailers. With a total production budget of several million dollars it is no surprise that the stock has made such an incredible run. The association with Apple and Amazon has certainly not hurt DoMarks publicity; we will see how the combined cover and charger sells once it is on the market and widely available.
Last Friday was an interesting day for DOMK indeed; at 8:30 in the morning they announced that their wholly owned subsidiary; SolaWerks had received the first order of production units and were preparing for shipment. This news was enough to drive DOMK up 13% and trade $5M in dollar volume; huge for any Penny Stock. Right after the close the company filed an 8k announcing the resignation of Chairman and CEO Michael Franklin. Later in the day they announced Brent Strasler as the new President and CEO.
While DOMK continues to trade big volume and hold itself well over $3 here one has to remember that there is a promotion going on here and one day it will end. It is very difficult to predict what DOMK will do in the short term, it could very well make another huge run and make all time new highs. But we can predict that in several months from now, once all the hype is over that DoMark will not be able to maintain its current market valuation of over $100M. Remember that up until now, DOMK has no revenues, little assets and high operating costs. Another important factor to remember is that there are 50,000 preferred shares convertible into 1,000 shares each; that means management can issue 50 new shares, more than doubling the 0/S.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.