PetroTerra Corp. (OTCMKTS:PTRA) issued a statement related to recent promotional measures surrounding the Company’s common stock. On October 14, OTC Markets informed the management that it has come to know about certain promotional measures pertaining PetroTerra and its stock. The measures included certain promotional emails encouraging people to buy PTRA.
The mailer’s disclaimer stated that an entity named Mass Peak Ltd. was compensated $150,000 for the distribution and creation of these emails to their member base. These measures coincided with higher volume and volatility in PetroTerra’s stock price. PetroTerra reported that it is unaware of the full content and nature of this promotional activity, and people behind it and the scope of the emails dissemination.
It stated that the Company, its directors, officers, and, to its knowledge, any controlling shareholders have not, indirectly or directly, authorized or been participated in any way with the distribution or creation of promotional materials including email newsletters. The company added that its directors, officers, and, to the knowledge of PetroTerra, any controlling shareholders, have not bought or sold the company’s common stock within the past two years.
The management speaks
John Barton, the CEO of PetroTerra stated that for the record, they are not affiliated with the recent promotional activity, its author or affiliated persons or entities. The company’s recent PRs have reported on and given disclosure of legitimate and underway corporate activity only, and they in no way are a part of any promotional campaign.
PetroTerra is solely focused on implementing its disclosed business plan. Because the gas and oil exploration business has significant and numerous risks, the company encourages those interested in investing in PTRA to rely solely on official press releases, filings and disclosures with the SEC and Website content. The company further stated that it has not issued convertible instruments permitting conversion to equity at discounted prices.
PetroTerra Corp. (OTCMKTS:PTRA) after staging a massive breakout over the last week has been unable to sustain at higher levels and has encountered massive selling pressure which is a cause for concern for traders and investors. The stock currently has broken below its 200 day moving average which is considered a bearish signal. The momentum indicators for the stock are on the verge of giving a sell signal which is indicative of the shift of momentum towards the sell side and is a bearish sign. Traders believe the stock would find good support near the $0.80 level in the near term.