Will NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Live Up to the Tweets

Posted by: : HEFFX Equities ResearchPosted on: June 30, 2014 Will NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Live Up to the Tweets

Will NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Live Up to the Tweets

NanoTech Entertainment, Inc. (OTCMKTS:NTEK) lost its bulls as the shares of the company tumbled by more than 11% on Friday, following the drop from the previous day.

According to anonymous sources, the reason of the fall in NanoTech Entertainment, Inc. (OTCMKTS:NTEK) could be accredited to the recent tweet from the company’s co-founder, David Foley. As per the information, David Foley had mentioned about the Google Inc (NASDAQ:GOOGL)’s IO conference in his tweet, which, according to most of the investors is misleading and false.

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Accuracy Of Information

While the accuracy of the claims is not known, but the previous history of David Foley is certainly under doubt. Foley has earlier been held guilty of wire and bank fraud. Moreover, sources claim that Foley holds a major portion of NanoTech Entertainment, Inc. (OTCMKTS:NTEK)’s shares, valuing in millions, which would be free from selling restrictions this year. Thus, the opinion largely considers the tweet as a way to create hype around the stock.

Disappointed Investors

Apart from this, the company’s inability to launch its 4K UltraHD streaming media player is also adding to the dissatisfaction of investors. The launch of the same was slated to happen during the first quarter of the year, however, according to the latest update, it will be shipped by the end of June, which is close to the end now. In a separate press release to investors, NanoTech Entertainment, Inc. (OTCMKTS:NTEK) notified that its Nuvola NP-1 has cleared the Google Inc (NASDAQ:GOOGL)’s CTS (Compatibility Test Suite) certification tests.

Other than this, the company has also recently announced dividend at the rate of $0.00024 per share to its shareholders, however, the news served very little to appease its investors. Overall, the company could be conveniently placed in a volatile category and experts recommend caution to deal with it, as of now. On Friday, NanoTech Entertainment, Inc. (OTCMKTS:NTEK)’s shares closed at $0.0621.

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