AMNM from otc
Amnis Systems is back in the news today, and the story gets crazier by the minute. Last week I had to report bad news. This week I have good news to report.
My expectations for Amnis in the beginning of the year were far different from the way things have turned out. I expected the company to raise more capital, restructure its long term debt, and announce some big contract signings. Last week Amnis blind sided all us with a complete reversal, and announced the company was getting out of the video streaming technology business. The only silver lining in an otherwise dark sky was Amnis not announcing any bankruptcy plans. Apparently, they had already laid the ground work to head in another direction.
The stock swooned after the news came out, and traded down below one penny. I'm sure many of you sold with an eye towards taking your loss and moving on. I got several emails from members who were brave enough to roll the dice and bought the stock below one cent.
Today, Amnis let the cat out of the bag on what they no doubt had planned from the beginning. The company announced it had signed a letter of intent to acquire a new company in the Wi-Fi business, Corridor Communications. As many of you know, Wi-Fi is an arena I am very fond of. I love any industry sector that is projected to grow 10 fold over the next three years.
Therefore, I am wondering if this is a reincarnation of a reincarnation. Amnis seems cat like- it has nine lives. It refuses to die. This is the third time I have included the turn around graphic. I was right the first time, wrong the second, and the jury is still out on the third.
The stock will no doubt rebound a penny or two, and we'll see where things go from there once all the facts are known. Those who chose to stay in now have a chance. Those high risk takers willing to act quickly could enjoy a great trade.
Just like the New England Patriots with 1:10 to play, the game is far from over. Click here to read the entire text of the press release.
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