VISL stock is the biggest gainer in today’s session with a rise of a whopping 320% after Vislink Technologies Inc (NASDAQ:VISL) announced that it has reached a $2.80 million deal with the US Army.
Solid Boost for VISL Stock
As far as contracts are concerned, nothing can be more important than those from the United States Army, simply because of the fact that they are generally lucrative but also because there is a possibility of creating a long-term partnership. Florida-based developer and distributor of advanced communication solutions, Vislink Technologies, earned such a contract today.
The company announced that the US Army has chosen Vislink for the contract by way of which the company would have to supply the army with reconnaissance receiver, intelligence, and surveillance devices. The total value of the contract is $2.5 million, and it needs to be stressed that this is a significant development for the company.
The important bit about such a deal is that the United States is the biggest spender on defense equipment in the world, and every year, hundreds of billions of dollars are spent to ensure that the defense forces are well fortified. If Vislink Technologies can, in fact, manage to deliver well in this contract, then there is every chance of this deal being extended and perhaps eventually expanded. As a matter of fact, the company could also see the defense forces of other countries seeking its services.
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VISL stock is up by 315% and now trading at $6.99 on massive volume. Moreover, the stock made a new 52-week high of $8 earlier in the session. More than 26 million shares have been traded in the first half of trading, compared to its 30-day average volume of 220k shares.
The company’s handheld receivers, real-time video transmission processes, and frontline surveillance platforms are going to be provided to the United States Army. In addition to that, the company is also going to supply all the associated accessories.
Vislink Technologies has been in the business for more than half a century and has gone on to become a globally renowned company in its line of business. The President of the company, John Wayne, said, “Our video communications technology remains the de facto standard in high performance, rapidly deployable solutions that can operate reliably in the most challenging and hostile environments.”
After today’s rally, VISL stock is up 110% so far in 2019.
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