Let me know if I'm wrong but this stock just seems to be too good to be true. GGNC (http://quote.yahoo.com/q?s=ggnc&d=b ). A week ago it was $0.08/Share and now has risen to $1.25/share. This may be one of the last Internet stocks available for less than $2. The company deals with Online Gambling and Sports Bookings.
The company's Cyberbetz web-site produced 877,000 in revenues in its first three weeks in operation and is expected to produce over 35 million in the next 12 months. The Company intends to aggressively seek market dominance by way of mergers and acquisitions of internet related companies that are already positioned in the market place GIC is in the of process of translating each of the sites so they can be access in Chinese as well as English.
GIC's Internet Casino and Sports Book operation, located in Rouseau in the Commonwealth of Dominica, is 100% legally licensed by the Government of Dominica in the Caribbean. The Company currently employs a staff of 25 people that have been trained by individuals in the Casino and Sports Book industries that have over 30 years of experience in these respective fields.
According to the articles published online GGNC has their website translated into Chinese and will be up before Dec 6. And they are starting a heavy advertising campaign on radio shows and TV starting this weekend. Who wouldn't want to be able to do all their presently illegal sports gambling in a legal manner online without having to worry about collecting from their bookies or whatever. The current estimated illegal bookings in America is 88 bill/year.
IMHO, they have the potential to be much bigger than any online auction because they have absolutely no overhead but that to keep up their web-site. I've read every one of their articles from the last month and it just seems too good to be true. Please let me know what you think. I'm thinking about buying 5,000 shares on Monday just to get my feet wet. Their website is http://www.cyberbetz.com . They have an earnings estimate on their website and are rated a strong buy.
1998 1999 2000 2001 2002 Revenues $3.7 Mil $40 Mil $150 Mil $250 Mil $ 500 Mil
Earnings $500 K $12 Mil $ 36 Mil $ 75 Mil $ 125 Mil Earnings per share $.08 $1.50 $2.33 $3.75 $5.00 P/E Ratio 1/1 1/1 1/23 1/37 1/50
With a current P/E ration of 1/1 this company should be way up from where it is. And with these figures GGNC should be around a $200 stock in 2 years.