It had to happen eventually, but penny stock promotions are another sign of how much public market heat remains on YouTube-y grassroots video. This one turns out to be more timely than most, given the UUSee deal announced today:
Admax Resources, Inc. (OTCBB: AMXU), a publicly traded company, has changed its name to China YouTV Corporation (OTCBB: CYTV) and has been assigned a new symbol to better reflect its business. The new symbol: CYTV will become effective on March 5, 2007, according to
“The Company intends to participate in the fast growing video sharing web site market in China and, at the same time, continue its exploration of mineral properties in British Columbia, Canada,” said Mr. Gao.
As one financial market correspondent put it to me in mailing the story, “I remember that just before everything came down in 2001 a slew of mining companies renaming themselves xxx.com in order to ‘court interest’ from investors who would throw money at anything with .com at the end.”
Is this a similar market top? No — and it definitely ain’t about synergies between movies and mining either. But there is just too much money and too many changes in video, television, and media markets for this to be a top yet. We have a long way to go, as a new review of Joost et al., makes clear over at Read/Write. Exciting times.
[Roger via MarketWire]