Writ Media Group Inc (OTCMKTS:WRIT) Remains A Pump Play

Writ Media Group Inc (OTCMKTS:WRIT), the diversified media and software company, has commenced to move up again, as we expected in our previous article called "WRIT Media Group Inc (OTCMKTS:WRIT) Looks Primed For Another Pump." This is what the market needed to know:

"We assessed the company’s share price action and we discovered, like other market participants (check this comment in iHub), that the stock had been a P&D work of the Elite Penny Stock Group in 2016. As of May 23, 2017, we have now started to see the same techniques and evidence that we saw last year. We cannot be sure that there is another campaign going on right now. Some equity research firm said that the price should be $1.5, but the company did not release any press release to justify such a share price." Source

We were right when we wrote that piece, as the share price commenced an upward trend some weeks later. Have a look at the recent share price action and note the large amount of shares that changed hands in the month of August.SourceRecent DevelopmentsThe company has been covered before, thus we will not explain its business objective in detail. We will only say, like the investment website ihub, that it is focused on "the production and distribution of video games, digital currency software development, including trading platforms and Blockchain solutions."SourceLet's jump to the assessment of the most recent news and its market reaction. On August 2, 2017, WRIT announced the appointment of Alexander Keselman as its Chief Technology Officer. This new CTO will be responsible for the software project development and will oversee the support activities for Pelecoin. Eric Mitchell, President and CEO, said the following about the new executive:

"Mr. Keselman is recognized as a creative innovator with an eye towards bringing high quality products to the market efficiently. Additionally, he brings a wealth of knowledge and experience in the digital currency and trading systems space, and a deep understanding of the close link between product development and operations. Now is an excellent time to bring him on as we look to scale our organization to support our growth objectives." Source

The news was not significant enough to make the share price react. Have a look at the recent share price action:SourceOn August 15, 2017, the company noted new innovations within its Pelecoin cryptocurrency system. What's new? This, what we believe, was the most significant part:

"WRIT Media's development team has built the core functionality of its digital currency system, and now offers a new feature which enables users to mine four cryptocurrencies simultaneously by utilizing Pelecoin's proprietary mining algorithm software. Pelecoin now provides an easy-to-use, downloadable software that allows for optimal mining by enabling users to mine Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC) and Monero (XMR) simultaneously." Source

Additionally, the company released that new features will be added soon. The following incoming tools were noted:

• Additional currencies and hedging (with up to eight additional cryptocurrencies)
• Trading platform
• Pelecoin mobile application and wallet
• Smart contracts
• Security and anonymity

The CEO, Eric Mitchell, was quoted:

"Together, these measures will make Pelecoin a truly unique digital currency and ecosystem. It will be suitable for high frequency currency transactions, with the business logic and security features that are fundamental to the confidence that consumers and mainstream organizations require in a digital currency platform," Source

In our opinion, the company announced significant developments that could mean new revenues for the company. When companies release these types of announcements, the share price is usually pushed up. However, in this case, the share price did not move a lot on the day of announcement. In fact, the share price went from $0.33 to touch the level of $0.20 on the following day. Does it make any sense? Not really. On the top of it, the share price did increase with no news on August 10, 2017, which is very strange.Stock PromotionWe have been covering the stock promotion activities on this name since June 21, 2016. The company drew our attention, because we received an email from a stock promoter called Great Penny Picks despite the fact that we had never signed up for their newsletter. We investigated further and found out that the distribution list was owned by Elite Penny Stock Group. We wrote the following about them:

"Elite has left a trail of victims that only the Wolf of Wall Street can admire. Their last picks have been Broke Out Inc (OTCMKTS:BRKO), Cloudweb Inc (OTCMKTS:CLOW), AgriEuro Corp (OTCMKTS:EURI), America Resources Exploration (OTCMKTS:AREN), and Midwest Oil & Gas Inc (OTCMKTS:MWGO). Here’s a quick recap. BRKO got halted. EURI, AREN, CLOW and MWOG all left investors holding the bag." Source

After the first article, we continued to see promotion activities in 2016, so we wrote more articles. The last document about the company that we found was this one, wherein it was stated that the company’s share price may be worth $1.5. In our last article, called "WRIT Media Group Inc (OTCMKTS:WRIT) Looks Primed For Another Pump", we stated that the promotion activities may have commenced again and may push up the share price. Today, we have realized that we were right. In our opinion, the upward trend in the share price was not created by the news released by the company, but because of the stock promotion campaigns.ConclusionIn this article, we assessed the most recent news released by WRIT. We saw that a new CTO was appointed and the company announced new features that "will make Pelecoin a truly unique digital currency and ecosystem". In our opinion, these were very good news, and surprisingly the share price was not pushed up after the release of these news. We believe that the upward trend seen recently may have been mostly caused by the stock promotion that seems to be back. For this reason, we say once again that the long side needs to beware. If the promo dollars dry up, the share price could go back down.Be sure to check out our coverage on WRIT.We will be updating our subscribers as soon as we know more. For the latest updates on WRIT, sign up below!Image courtesy of Lisa.Champion via FlickrDisclosure: We have no position in WRIT and have not been compensated for this article.