Today we are following a couple of major announcements in the technology space. Recession or not, this sector will continue to move forward in a robust way as technological advancements are key economic drivers in any type of economic cycle.
This morning, NTG Clarity Networks Inc. (TSX-Venture:NCI) announced it will provide technical resources, through a major system integrator, for a project in a government department in the Gulf area. This 36-month project is worth close to $1 million Canadian.
The company stated that it continues to pursue new contracts in the government sector in order to increase its revenue and margins and complement its presence in the Telecom field.
Apparently, investors agree with the company’s strategy with shares of NCI popping 33% to $0.02 in early-afternoon trading.
Second on the dock is C-COM Satellite Systems Inc. (TSX-Venture:CMI) (OTC:CYSNF), a leading designer of commercial grade mobile auto-deploying satellite antenna systems which announced this morning that it has received orders worth $3.4 Million U.S. for its iNetVu® Manpack (backpack) antenna systems.
Several antenna systems have already been delivered. The balance of this order will be completed, and the associated revenue earned in the first quarter of C-COM's 2021 fiscal year.
This significant purchase of the iNetVu® MP-100-MOT marks the second largest order the company has received for this specific system since its introduction in 2019. The 3-axis, fully motorized one-case backpack (iNetVu® MP-Series) is a lightweight, fully automatic antenna system that can be assembled in minutes without any tools and is able to locate the desired satellite, in less than 30 seconds, with the simple press of a button. This particular Manpack order will be deployed for disaster management and cellular backhaul by a significant end-user.
Just like its technology peer, shares of CMI were also up on today’s news with shares enjoying a nice 3.24% gain with the price currently at $2.87 in early afternoon trading. With the CMI stock chart currently displaying higher lows over the last several months, we’ll be watching to see if today’s news propels a new move higher in the coming days.
