An Update On Valmie Resources Inc (OTCMKTS:VMRI)

Valmie Resources Inc (OTCMKTS:VMRI) has been one of the most active and volatile names on the OTC Markets this summer. The momentum looks to have slowed down as the promo dollars have slowed down as well. Last month we talked about how VMRI turned into a roller coaster of a ride for investors. This came about because of some big promo dollars behind VMRI with Small Cap Sentinel and Emerging Growth being paid $135,000 for dedicated emails on VMRI. With both Small Cap Sentinel and Emerging Growth not publishing any new updates on VMRI and OTC Markets hitting the ticker with the dreaded skull and crossbones, is the party over for VMRI?Valmie describes itself as "a U.S. company actively pursuing opportunities for the commercialization of leading edge products and services in the rapidly expanding technology industry. Valmie seeks concepts with valid business models positioned to make a significant impact within the four key “megasectors” of technology: software, hardware, networking, and semiconductors. Valmie brings operating talent, tools, and leadership to emerging companies in these sectors, promoting industry awareness and developing economically sustainable partnerships while increasing shareholder value."The initial excitement that swirled around Valmie focused on Valmie and its joint venture partner AeroLift eXpress targeting offshore oil companies with their drone technology. The two partners unveiled their technology in May at the Offshore Technology Conference (OTC) in Houston. The Small Cap Sentinel report said:

AeroLift eXpress Express is already in talks with offshore oil companies about its drone delivery systems. These drones can save on costs compared to having a helicopter delivery or boat delivery over great distances. Their drones can fly in extreme conditions and if a drone has an accident at sea, no human life is at risk. For certain, Valmie and AeroLift eXpress are intent on creating a business model of uncommon proportion, led by those who cut their teeth in the rugged military setting and intent on securing their place in a fast growing industry while making commercial operations much safer on the seas.

The latest press releases from Valmie have left a lot to be desired. Valmie's wholly-owned subsidiary, Vertitek, is focused on drone racing, one of sports’ newest and most exciting fields. Vertitek’s recently established division, Vertitek Racing, specializes in fabricating and selling racing frames for the competitive drone racing industry. As a result of that venture, Vertitek was able to establish a team of sponsored racing pilots.Furthermore, Valmie has said that it entered into a memorandum of understanding (MOU) with Cargo Consolidators Agency Limited, an international logistics company headquartered in Trinidad and Tobago. Under the terms of the MOU, the two companies are holding an onsite visit in Port of Spain, Trinidad, to explore implementing AeroLift’s unmanned aerial technologies for the purpose of pipeline and platform monitoring, coastal security, and air cargo transport in the Trinidad and Tobago regions.The MOU establishes a framework whereby Cargo Consolidators Agency will work with AeroLift to coordinate a live demonstration that will be held on a Trinidadian Coast Guard vessel. The demonstration will pave the way for AeroLift to begin negotiations for commercial operations in the region.What we at Insider Financial don't get is why go all the way to Trinidad and Tobago when there's so much potential for aerial drones here in the United States? Just look at the AeroLift description.

AeroLift is an unmanned aerial transport service with the capacity to deliver payloads of up to 14 pounds at an operating radius of 250 miles. According to Stafford, AeroLift’s unmanned aerial system will permit operation in challenging seas and terrain, along with the efficiency, speed and range of a fixed-wing aircraft.

Currently trading with a market cap of $78 million, shares are a long way off from the $3.43 high hit in June. In looking at the current financials, we can see why. In the quarter ending May 2016, VMRI posted ZERO revenues, a net loss of $347k, $13k in cash, $104k in total assets, and $133k in total liabilities. VMRI is no doubt a good story on the OTC Markets. However, a good story needs promo dollars to flow in order for the stock price to keep rising. That doesn't look to be the case anymore with VMRI. Don't get left holding the bag. Proceed with caution. We will be updating our subscribers as soon as we know more. For the latest updates on VMRI, sign up below!Disclosure: We have no position in VMRI and have not been compensated for this article.