ORLANDO, Fla., July 9, 2007 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., announced today that it is dropping coverage on I/OMagic Corporation (Pink Sheets:IOMG).
Jim Altenbach, CFA, RedChip Research Analyst, stated that:
"We believe that there is an ongoing lack of guidance from the Company. In addition, I/OMagic Corporation has not filed a quarterly report since the third quarter of 2006. Our sense is that IOMG is currently undergoing a restructuring process. We initiated coverage on IOMG in March 2006 with a price of $4.40. Since that time, the stock is down over 50 percent and currently trades at $2.15."
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