Portlogic Systems Inc. (OTCMKTS:PGSY) is a micro-cap stock that has truly gone nuts over the past 5 days. In that time, shares of PGSY have advanced over 300% in a monster move that has clearly grabbed hold of the attention of traders on the OTC over the course of the move. Fueling the action, the company just announced that it has appointed Meeta S. Litake (B.E. – CSE and MBA) as Chief Technology Officer, effective July 18, 2017. In this role, Ms. Litake will lead the company’s global IT function and play a key role in envisioning and developing Portlogic’s technology strategy across all business lines.
According to the company’s latest release, she has 13 years total experience, teaching Engineering and Computer Science in academic institutions, as well as 5 years of corporate experience in software development, start-ups and consulting in the mobile sector.
Portlogic Systems Inc. (OTCMKTS:PGSY) is a development stage company that develops and sells enterprise mobile marketing applications solutions, kiosk hardware, and software products. Its solutions include m2Meet, a community networking software solution; m2Bank, a financial transactions system that facilitates bill payments, money transfers, and account management; and m2Market, a mobile marketing solution that is used to deliver marketing materials to mobile phones.
The company also offers m2Ticket, a mobile ticketing sales engine, which manages the sale and delivery of tickets through mobile phones for the transportation and entertainment industry; m2Kiosk, a line of standard and custom kiosks hardware and software that integrates with mobile phone applications in the marketing, financial, and ticketing industries; and m2Workflow, a customer relations management solution on mobile phones for service industries.
In addition, it develops and licenses portal software products that enable customers to operate their own online social networking portal without requiring any technical programming or Website design skills, as well as provides custom software programming services to customers who license its products. Further, the company specializes in data and voice telecommunications technologies.
According to company materials, “Headquartered in Toronto, Canada, Portlogic Systems, Inc. was incorporated in 2004. The company is a telecom solutions provider, mobile and Internet software developer, and solutions provider for electronic payments, ticketing and marketing delivery and community communication systems.”
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As noted above, the company just announced a new CTO appointment, a move which plays a part in a remarkable stock price recovery move that has been accompanied by a rejuvenation in microcap trader enthusiasm.
CEO Michael De Valera stated, “We are delighted to bring on board and welcome Meeta Litake as the newest member of our team. Both personally and professionally, she fits extremely well with our mobile product development roadmap. Together, we will continue developing Portlogic’s vision and growth opportunities, enabling our customers to continue to take advantage of the most innovative telecommunication solutions on the market.”
This appointment demonstrates Portlogic System’s ongoing commitment and next significant step in building a top caliber executive management team.
We’ve witnessed more than 230% during the past week in terms of shareholder gains in the listing. The situation may be worth watching. PGSY has a track record that includes a number of dramatic bounces. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of a bit over 1800% beyond what we have been seeing over the larger time frame.
Of course, we have been burying the lead a bit here because of one remarkable dynamic for this stock: the stock’s tiny trading float of around 180K shares. As savvy traders are well aware, a restricted trading float and a jump in trading volume can crimp supply and push share prices higher. In this case, that’s the elephant in the room.
Currently trading at a market capitalization of $12.9M, PGSY has virtually no reported cash on the books, which must be weighed relative to about $331K in total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $PGSY stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $PGSY, either long or short, and we have not been compensated for this article.