Valmie Resources Inc (OTCMKTS:VMRI) Looking For Bagholders

The big league promotion looks to be over on Valmie Resources Inc (OTCMKTS:VMRI). All that's left for the promoters is to get the last of the bagholders in so that they can dump their remaining shares. After VMRI broke key technical support last week, investors can expect lower prices ahead as the bubble has further room to deflate.We warned investors back in October to run for cover when the stock was trading at $1.08 a share. We had issued previous warnings that VMRI was a 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. Since both Small Cap Sentinel and Emerging Growth are no longer publishing any new updates on VMRI, caution is indeed warranted.For those not familiar with VMRI, it 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 latest press releases from the company have been all fluff and no substance. The company said that it had recently returned from visiting the University of Kentucky to discuss collaborating with students and faculty members on portions of its upcoming unmanned aerial systems projects. The Valmie team met with heads of the Biosystems and Agricultural Engineering Department and toured the facilities of the university’s Unmanned Systems Research Consortium. CEO Gerald Hammack said:

“Valmie feels privileged to meet with the dynamic faculty and students from BAE who are serving and benefiting the people of the state of Kentucky with engineering expertise for solving contemporary challenges. Based on these meetings, we are moving forward with developing a proposed package detailing possible ways Valmie might collaborate with BAE and USRC to develop resources for its upcoming UAS projects. We expect these projects to ultimately benefit the UAS industry by adding technology and innovative solutions.”

The previous press releases talked about its plans in Trinidad and Tobago and the company's entry into the drone racing market. In Trinidad and Tobago, the company said that it had just returned from "another successful trip to Trinidad and Tobago as it continues to move forward with plans to hold a live demonstration of its unmanned transport capability. In collaboration with its partner in that country, Cargo Consolidators Agency Limited, AeroLift held further talks with the Trinidadian Coast Guard and received a full facility tour of the Trinidad and Tobago Civil Aviation Authority campus."While the press releases paint a rosy picture, the filings with the SEC do not. The Form S-1/A filed back in August said that "to date, we have not generated any revenue through the sales of UAVs or the provision of software, hardware or cloud based services. As we are still developing our technologies, we have not yet launched our manufacturing, sales or marketing operations and have not yet identified any customers for our systems or solutions." As we said before, it seems the only thing VMRI has accomplished is obtaining a 333 Exemption from the FAA that allows its drones to fly the skies of the American airspace whereas others must adhere to the strict policies of the FAA (fly under 400ft, stay in the line of site of the drone, etc).Currently trading with a market cap of $52 million, VMRI is overvalued on all metrics. The company has no revenues, $23k in cash, $56k in total assets, and $184k in total liabilities. With key technical support now broken and with the absence of any new promo campaign, VMRI looks set to continue lower. Don't get left holding the bag. We will be updating our subscribers if we see any new promo campaigns on VMRI or if there is any improvement in its current situation. For the latest updates on VMRI, sign up below!Disclosure: We have no position in VMRI and have not been compensated for this article.