Penny Stocks Recap: PFFOF, QMCI, LUKEF, IGXT

Over the course of the past few days, there have been a number of penny stocks that have been in the news for one reason or another. However, it is not possible for investors to keep an eye on all those stocks, and it is necessary to be more selective. Here is a quick look at four penny stocks worth looking into currently.

Portofino Resources Inc. (OTC:PFFOF) On August 14, Portofino Resources Inc. announced that it had inked a binding letter of intent pertaining to the buyout of the original options agreement to acquire the Yergo Lithium Project. The binding letter of intent provides the company with all the rights and concessions necessary to own the project. All those rights and concessions were transferred following the signing.

The Chief Executive Officer of the company, David Tafel, spoke about the development as well. He noted that the agreement was a significant new development for Portofino Resources since it helped move around a legal hurdle that had been created by the previous owner of the concessions. Additionally, he noted that the company also got 100% ownership of the project. More importantly, the company would not be able to re-commence its exploration activities at the property after they had been stalled for around a year. The Yergo Lithium Project, which is drill-ready, is spread across an area of 2932 hectares and had been developed previously by NeoLithium Corp.

QuoteMedia Inc. (OTC: QMCI) The leading market data and financial applications firm QuoteMedia Inc. announced its financial results for the second fiscal quarter that ended on June 30, 2023. The company recorded revenues of $4,712,977 for the quarter, which worked out to a rise of 10% year over year. However, when calculated on a foreign exchange-neutral basis, the year-on-year growth stood at 13%. The gross profit margins for the fiscal quarter came in at 51%, which was an improvement on the 47% recorded last year.

The adjusted EBITDA recorded by QuoteMedia was $807,649, which reflected a significant improvement on the $508,376 recorded in the prior-year period. The Chairman of the company’s Board of Directors, Robert J. Thompson, noted that everyone at the company was pleased at the accomplishments in the second quarter. He went on to add that other than the financial achievements, the company had also concluded significant product development that would contribute to future growth.

Real Luck Group Ltd. (OTC: LUKEF): Real Luck Group Ltd. operates through a range of subsidiary companies, which are collectively called ‘Lunchbox’. Lunchbox is a licensed provider of real-money sports betting, casino games, and eSports betting. Yesterday, the company announced that in the year to date, more than $23.9 million had been wagered across its platform.

The wagers had come from its registered player base of more than 450,000. Additionally, in the month of July, the company managed to hit a new high in the Average Revenue Per User (ARPU) metric. It also announced that its work on a live microbes product continued apace and that Real Luck Group aimed to launch it later this year.

IntelGenx Technologies Corp. (OTC: IGXT) Yesterday, IntelGenx Technologies Corp. announced its financial results for the second fiscal quarter that concluded on June 23, 2023. The company generated revenues of $133,000, as compared to revenues of $39,800 in the prior-year period.

The net comprehensive loss, however, went down to $3 million from $3.2 million in the prior-year period. The adjusted EBITDA loss for the period came in at $2.2 million, as opposed to $2.2 million under the same overhead in the prior-year period. The lower revenues were mainly a function of a drop in research and development revenues and royalties on product sales.

Related Posts

About The Author