Imagination TV Inc (OTCMKTS:IMTV) is a penny stock that has grabbed hold of the attention of traders during the stock’s recent bounce. There are several key catalysts drive the action, including an announcement of debt restructuring, a pivot into the marijuana space, and the appointment of a new COO. IMTV stock has been all over the place since making these announcement. Technically, the stock has recently broken above its major moving averages in a big way, blasting through numerous resistance points for better than a 1,000% move in the past few weeks.
According to the most recent release, Juan Areco (the company’s newly appointed COO) brings over 25 years of experience in the music industry to Imagination TV. Born and raised in Miami, FL, he has worked with acclaimed artists such as JT Money, Anthony Hamilton, Billy Blue and Tony Galvin. He also has managed operations in the renowned music studios, Circle House Studios and Studio Center.
Imagination TV Inc (OTCMKTS:IMTV) trumpets itself as a diverse digital media company with a growing portfolio.
Imagination TV delivers integrated digital marketing solutions, as well as the latest in content marketing, video, display and mobile advertising solutions, social intelligence and reporting across all screens.
With unmatched local-to-national reach, Imagination TV is a one-stop-shop for agencies and brands that want to effectively and efficiently reach their target audiences on all screens.
According to company materials, “Imagination TV, Inc. owns and operates a network of city-based Websites for business and vacation travelers, and local individuals. Its Websites provide information about hotels, restaurant dining, golf courses, discount event tickets, discount car rentals, discount airfare, and attraction tickets. The company was formerly known as IC Places, Inc. and changed its name to Imagination TV, Inc. in October 2014. Imagination TV, Inc. was founded in 2005 and is headquartered in Winter Park, Florida.”
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As noted above, IMTV shares got a massive jolt of energy with the announcement of the company’s new CEO. Juan Areco’s work has been featured on nationally televised shows such as MTV’s Pimp My Ride, My Sweet Sixteen, Law & Order SVU and other nationally televised programs. The company points out that Mr. Areco’s experience and network makes him “a valuable asset to the Imagination TV executive team.”
According to the release, Mr. Areco will be working to collaborate with talented producers and engineers to build-out and further develop the 808Hitz.com outlet. He will also be directly involved with overseeing the expansion of MJBBB.org along with our recently announced text message marketing platform geared toward cannabis related businesses.
“I would like to take this time to thank Imagination TV for this opportunity to create cutting edge platforms like MJBBB.org and 808hitz.com. My background provides Imagination TV with an opportunity to position both services into successful user-friendly products. Our goal is to set new trends and establish ourselves in two of the fastest growing industries, entertainment and cannabis related business,” Juan Areco commented as Imagination TV’s new COO.
Of the debt restructuring, Joe Sirianni, the CEO of Imagination TV states, “From the inception of taking on a project of this size, my goal has been to rebuild the company and return value to the shareholders. As an update to what has been previously announced, both 808Hitz.com and MJBBB.org properties are in their final stages of completion and beta. I expect to see finalized site before the end of the month. I’ve also been conducting interviews to fill management positions and board seats in order to help take Imagination TV to the next level. I’m happy to announce that I’ll be holding the final round of interviews this week and should arrive at a decision by next week, at the latest.”
Traders will note 400% piled on for shareholders of the company during the trailing month. The situation may be worth watching. IMTV is a stock who’s past is littered with sudden rips. In addition, the name has seen an influx in interest of late, with the stock’s recent average trading volume running a bit less than 620% over the long run average.
Currently trading at a market capitalization of $.75M, IMTV has virtually no reported cash on the books, which must be weighed relative to about $528K in total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. For continuing coverage on shares of $IMTV stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $IMTV, either long or short, and we have not been compensated for this article.