The big new explosion on the OTC this week appears to be found on the chart for shares of Carsmartt Inc (OTCMKTS:CRSM). The upstart start-up ride-sharing newcomer saw its stock blast over 140% higher on the session. The move comes ostensibly in reaction to news of the company’s newly released app. Interest in the stock was likely primed by the highly celebrated, mocked, and scrutinized IPO’s of Uber and Lyft, which were covered exhaustively in the financial media in recent weeks.
Specifically, the company just announced the completion of the new Carsmartt App (iOS and Android). According to the release, the platform has multiple features that will enable CarSmartt’s drivers to earn more money and allow riders to save more on fares, and the application can be downloaded at app.carsmartt.com.
Carsmartt Inc (OTCMKTS:CRSM) bills itself as a company that engages in the development of CARSMARTT.COM application for long distance ride sharing and package delivery for the United States and other markets.
The application is made to connect drivers with the world’s travelers to make long-distance trips affordable. Moreover, this is a silicon valley start-up company with a new disruptive concept of ride sharing to help drivers earn more money. According to company materials, Carsmartt drivers will take 90% of all rides, and will earn more than drivers from Uber and Lyft.
Carsmartt is located in Palo Alto CA.
“At CarSmartt we aim to make long and short distance traveling safer and more affordable, while connecting with people along the way.”
All CarSmartt drivers are subject to a background check to reassure the safety of passengers. CarSmartt is currently active in the USA. However, the company has expressed interest in expanding to Europe and Latin America.
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As noted above, CRSM just announced the completion of the new Carsmartt App (iOS and Android).
Recent action has seen just under 1000% added to share values of the stock over the past month of action. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of 58% above its longer-run average levels.
The company’s CBO, Mr. Robert Scott, commented, “I am excited to announce that the new version of the App is finally complete. Today we are facing significant problems with large technology companies such as Uber and Lyft, drivers around the world held strikes and demonstrations in numerous cities last Wednesday to lobby for better pay and transparency, joining a growing movement to demand better treatment. At Carsmartt we value hard work, drivers will earn 90% of the total fare improving their lives significantly. We are expecting many users to download the App as a third option to Uber and Lyft. A marketing campaign will start in the Miami-Fort Lauderdale area immediately. Also, Carsmartt has an advertisement display, each time a rider or driver opens the App., a banner will appear on the screen to promote local businesses within 5 miles radius. We are expecting the advertising component to provide additional revenue to the company. CarSmartt’s primary goal is to increase the income and happiness of hardworking drivers and simultaneously lower fares for our riders.”
At this time, carrying a capital value in the market of $70.57M, CRSM has virtually no cash on the books, which stands against virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again as soon as developments transpire. Sign-up for continuing coverage on shares of $CRSM stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CRSM, either long or short, and we have not been compensated for this article.