Falconridge Oil Technologies Corp. (OTCPK:FROT) shareholders were jolted this morning to the news that the company “has begun to seek Blockchain Technology.” Now what exactly does that mean? No one knows, but it was enough to propel the stock up 150% at last check in mid-afternoon trading as shares traded at $0.0015.
This is just another example of a company that looks to capitalize on the latest hot industry trend. The problem is it didn’t actually announce anything, other than use the word “blockchain” in its press release.
Management did go on to say in its vague press release that it “believe(s) the technology can improve operations and boost productivity. As the crypto space expands and more companies develop blockchain solutions, the entire oil and energy industry will benefit from a technology which is revolutionizing the way the world does business.”
All we read out of this press release is fluff, fluff, fluff, blockchain, fluff. But that’s all it takes these days to get your stock to pop, so unfortunately this won’t be the last company to put out this type of meaningless press release in the future. In the meantime, it allowed some penny stock day traders to make a quick buck. On to the next.
