Share prices for ST Online Corp (OTCBB: STOI) skyrocketed almost 200 percent yesterday, leaping from $3.40 a share to $9.00 a share – and briefly charging as high as $25.00 a share around 3:30 yesterday afternoon.It looks like the company’s latest press statement is responsible for the increase, if not for the amazing jump that occurred this afternoon. According to the statement, ST Online recently acquired all of the shares of Canadian-based energy company Park Place Energy Inc. that specializes in exploring gas and oil properties in Canada and the North Sea.
This is an unusual acquisition for ST Online. According to its filing at Wright Reports (www.wrightreports.ecnext.com), the company’s main business product is “to offer tennis lesson video clips online for a fee.”
“The tennis lesson video clips will be downloadable to the customer’s personal computer and may be viewed as often as the customer likes,” the site stated. “The tennis lessons initially pertain to the positioning on the tennis court, the grip and strokes, including the forehand, backhand, volley and serve.”
According to the statement, ST Online has agreed to appoint David Stadnyk, Park Place Energy CEO, to the board of the company, and has changed the name of the company from Park Place Energy Inc. to Park Place Energy Corp. In addition, the company has decided to implement an 8-for-1 split of its shares, which will become effective July 6, 2007.
