Portlogic Systems Inc. (OTCMKTS:PGSY) is a low-priced trading equity that’s clearly begun to spur some major interest among OTC players as shares bounce up off recent lows. PGSY’s principal recent catalyst is its announcement that it has entered into an agreement with Mobicloud Technologies Pvt. Ltd. to provide IT consulting and product development. According to the release, Mobicloud’s scope will be to develop mobile app and VoIP products, and provide cloud-based, enterprise and other end-to-end solutions to Portlogic customers.
CTO Meeta Litake, who previously worked with Mobicloud, stated, “We are very excited to work with Mobicloud as our developer to provide and create new solutions and products for the company. With the combination of both teams and their collective, extensive knowledge with the latest technology trends and development practices, this will help Portlogic Systems further build its customer base.” The news has helped the stock on a monumental run from under $0.03 per share to over $0.14 per share on an intraday basis just over the past seven days.
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.
PGSY 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.
The company 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 PGSY 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, PGSY just announced that it has entered into an agreement with Mobicloud Technologies Pvt. Ltd. to provide IT consulting and product development. This is obviously a huge catalyst for the company, which is well-demonstrated by the stock’s recent ripping trend higher. We have seen the stock break above its 50-day and 200-day simple moving averages in recent days, and growth potential is obviously part of the driving narrative.
According to the company’s communications, this agreement demonstrates the company’s ongoing commitment and next significant step in continuing to build up its new solution offering and growth prospects.
In all, recent action has seen more than 300% piled on for shareholders of the stock during the trailing week. Market participants may want to pay attention to this stock. PGSY is a stock who’s past is littered with sudden rips. What’s more, the stock has seen an influx in interest of late, with the stock’s recent average trading volume running exceeding 1800% beyond its prior sustained average level.
This is particularly important given the stock’s tiny trading float of roughly 180K shares. As savvy traders are well aware, ramping trading activity can overwhelm available supply in a stock with this type of small float, leading to an upward burst in prices.
Now commanding a market cap of $19.95M, PGSY has virtually no cash on the books, which must be weighed relative to about $331K in total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. For continuing coverage on shares of $PGSY stock, as well as our other hot stock 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.