Omni Ventures (OTC: OMVE) declined over 6% today in a rough trading session for stock markets around the world. The stock closed at a price just under $0.23. Even though the shares trade between $0.20-30, it had a range of $0.08 on the day and finished a couple pennies off its lows. The number of shares exchanging hands exceeded 2.7 million. Trading was most brisk in the first hour of the trading session where nearly 75% of the entire day’s volume traded. In after-hours trading, the stock gained a fraction over a penny from the closing price on 133,000 additional shares.
Eleven months ago Omni Ventures stock hit its 52-week high when shares traded for $0.81. The following six months saw the stock slide to a yearly low of $0.065, or a drop of nearly 90%. From January through March, Omni Venture shares quietly bounced along the bottom. Toward the end of March, both the price and the volume trended higher. The stock managed to climb as high as fifty cents before retreating thirty cents during the month of May. Compared to the previous nine months, volume for April and May was substantially higher.
Omni Ventures was founded in 2008. The company engages in several diverse activities. It provides equity funding for commercial and recreational projects in the Western and Midwestern United States that complement Native American gambling ventures. The company is also involved in the management and merchandising of premium consumer brands through retail outlets and the internet. No research analysts currently follow the stock.
The following are some recent news releases for Omni Ventures:
- On May 30 the company announced they had secured $1.5 million in financing from one of its stockholders. The money is to be used for the launch of its PRVCY Casual Couture line of apparel and accessories. Initial sales of the PRVCY brand are scheduled for later this summer.
- On the last day of April, Omni Ventures released news of its intentions to enter the multi-billion dollar luxury market through a marketing strategy called “Invasion of PRVCY.”
- A few days earlier, on April 25, Omni Ventures entered into a contract with Divvy Tech. The agreement will enable Omni Ventures to offer its PRVCY collection to the Army and Air Force Exchange (AAFES) through a member-only online shopping network. The venture has the potential of 14 million new customers. Furthermore, military personnel stationed overseas will be able to go online and buy PRVCY products. According to Christian Wicks, President of Omni Ventures, the PRVCY line should appeal to demographics of people in the military who are typically younger than the general population.