To OTC Journal Members:

In the last two weeks we have watched Pawnbroker.com (OTC BB: PBRR) make a move from $7.50 to over $17.  Today, the stock nearly completed a round trip with a trade as low as $9.3125.  It closed at $10.1875, which may indicate that a short term bottom has been reached.  We felt the bottom would be closer to $11, but we were wrong.  Stocks always seem to run both higher and lower than you would ever expect them to.  We spoke with management today and got some facts we can share with you that have come to light since the opening of their site.  Before we get into Pawnbroker.com, here's a quick reminder for you:
 

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Update on Pawnbroker.com (OTC BB: PBRR)

We spoke with Neil McElwee, the CEO of Pawnbroker.com today about the company's results since launching their web site.  Here is the information he was able to share with us about their performance to date:

• There are now 350 Pawnbrokers actively putting inventory up on the site daily.  The original launch had inventory from 130 Pawnbrokers.  At their current growth rate they anticipate that 1,000 Pawnbrokers will be active by the end of April. They now have hundreds of applications that are being processed daily, and we estimate that it will take at least another 3 to 4 months to process the 3,000 Pawnbrokers that the company is seeking. 
• The site is currently handling about 300 transactions per day.  Their original estimate was that during the soft launch phase the site would be handling about 90 transactions per day, so they are way ahead of their own estimates in that area.
• They are getting a substantial amount of unanticipated interest from overseas.  From the Pacific Rim alone they have had inquiries from companies that represent 1,000 Pawnshops.
• We were unable to get any information about daily page views of the number of people that have registered to make purchases on the site.  We did find out that most of the bugs have been worked out of the software, and transactions on the site are flowing smoothly at this traffic level.  More traffic will undoubtedly bring more technical glitches, but the company is beginning to demonstrate that it has the capability to work those out.

One of our editors has purchased two items on the site.  He bought a gold bracelet for his wife, and paid a total purchase price of $48.58 including shipping.  His wife told him that the bracelet would probably sell for about $250 in a jewelry store.  The bracelet arrived four days after the order was placed.

We bring these facts to your attention because we have received a great many e-mail questions from our members that own Pawnbroker.com, and have been concerned about the pullback in the stock.  We can only say that the company is doing well for its first 10 days of business, and we believe that this stock will start to trade a little better.
 

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