One of the most frustrating things for a journalist covering the smallcap space is getting people on the phone to comment on their stock, especially when there is a huge spike in price. This brings us to one of the most active gainers on the OTCBB today with Fortuna Gaming Corp. (OTCBB: FGAM). Shares of the company have exploded today closing up 33 cents (300 percent) at 44 cents per share on volume of 1.61 million shares.
Fortuna has no recent news and its latest financial information comes from a 10-QSB filed back in March for the period ending January 31, 2007. Fortuna is a development stage company and has not earned any revenues to date. Also, it does not expect to earn any revenues until the second or third quarter of fiscal 2007.
So what is going on at Fortuna Gaming? Why the big gain in share price? According to its website, Fortuna was launched in 2005, as a publicly traded company intent on entering the online gaming sector through the licensing of technology. In mid-2006 the company changed its direction from acquiring an online gaming company to licensing its own suite of games.
Market News First made repeated attempts to contact Fortuna through legal counsel, transfer agent, auditors and website but only heard “crickets.” Does Fortuna have some new game to add a much needed revenue stream? Is there an acquisition or merger on the horizon? How can someone get in touch with Fortuna Gaming?
You would think with such a positive day, the company would be sitting by the phone and proudly stating its case. We will continue to follow Fortuna and issue updates as they are available.