e-Auto Network Inc. (Pink Sheets: EANW) has seen quite a run up the charts since last Monday, March 26th. The shares have exploded from a penny stock to a current price of $3.25 per share. e-Auto announced on March 27th a merger with MetaSwarm Holdings Inc.
According to the press release, e-Auto Network is filing documents with the State of Florida to change its name to MetaSwarm Corp. Once those documents are filed, the company will apply for a new Cusip number and symbol.
It is anticipated that the merger will be completed within the next two weeks pending completion of satisfactory due diligence. Following the merger, the current officers and directors of the company will resign and a new board of directors consisting of Marvin Shannon and Kent Lam will be appointed. e-Auto expects to appoint Marvin Shannon as president and chief executive of the company, Kent Lam as Secretary and Celia P. Rivera as treasurer.
This merger news looks great on the surface and had a very positive effect on e-Auto’s stock price. However, when Market News First did some investigating, the contact information was incorrect.
The press release lists the contact for this story as Doug Ward with the phone number (407) 650-9986. Market News First contacted this number which turned out to be the Orlando-based hedge fund Pluris Partners. Pluris had not heard of MetaSwarm, e-Auto or Doug Ward.
Market News First also contacted Salt Lake City-based Interwest Transfer Company Inc. Interwest is e-Auto’s transfer agent according to Pink Sheets. They gave Market News First an address and phone number which turned out to be for a Miami-based law firm with no knowledge of e-Auto.
Market News First would like to invite e-Auto to call in for a CEO interview with one of our hosts to discuss the recent merger news and fill in its current and prospective shareholders with a company update.
MetaSwarm is headquartered in California and is focused in the information technology industry. MetaSwarm specializes in personal and commercial information assurance solutions, including anti-fraud, anti-spam, and relationship analysis solutions for the Internet e-commerce markets. Specifically, MetaSwarm products provide applications for message management, message and website validation, and message and website analysis for email, cell phone text messaging (SMS), instant messaging (IM), and web pages.