If Psychic Friends Network, Inc. (OTC:PFNI, PFNI message board) promised an ever-climbing investment, it may have misread the future. In the midst of a promotional campaign, its stock fell more than 50% on sudden, low-volume profit-taking. It seems the paid emails have stopped a few days ago and PFNI cannot rely on the promise of a profitable psychic advice business.
The campaign had a budget of $200,000, and promised to go on for a while, but since the end of last week the messages from paid pumpers stopped, as well as the PR campaign of the company on well-respected news websites.
Although the desire to seek psychic explanations is widespread and there is always a market for such services, it seems PFNI is still not offering real business, is registered as a development-stage company and may only offer a risky and choppy stock ride.
As we wrote before, there was a noticable uptick in hype about their big new plans to expand. But that seems all quite silly now. They aren’t making any money. Can you see me smiling? It’s rare I feel smug like this. This is a venture I would be glad to see fail and disappear entirely.