Central Wireless Inc (OTCMKTS:CWIR) took a huge jump upward this morning. CWIR is seeing a spike in price to $.002 with high volume. The spike comes after news that CWIR will acquire American Trucking Group/National Truck Funding, a transportation and financing company.
“The unique nature of Central Wireless is their willingness to get actively involved in an organization to assist in working out financial issues that are in the best interest of the portfolio company,” said the chief executive officer of American Trucking Group, Louie Normand Jr.
Central Wireless Inc (OTCMKTS:CWIR) formerly National Corporate Systems, Inc., is a development-stage company. The Company is seeking a business combination with a qualified candidate with greater than minimal or no assets. The Company is also seeking to acquire an ongoing business or asset that it can develop. The Company focuses on a business incubator model. The Company offers capital and business resources, such as office space, and access to services, such as accountants, lawyers, technical professionals and networking connections, through its staff and other entrepreneurs in its incubator program. The Company also offers mentorship and networking. The Company focuses on investing in various companies for prototypes or proof of concepts.
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This move will give CWIR a seat at the table in the transportation and logistics sector as it also seeks to consolidate the industry. The deal will see The American Trucking Group become a subsidiary that is wholly owned by Central Wireless. Shares of Central Wireless closed 150% higher at the end of the trading day.
The American Trucking Group and National Truck Funding have faced recent challenges after a slump in commercial-vehicle rentals’ demand and a plunge in the prices of used trucks. The combined revenue of the two affiliated companies fell by 21% to a figure of $28.2 million.
Louie Normand Jr., CEO of ATG, said, “I would like to take the time and say how very excited we are to join the organization. The unique nature of Central Wireless is their willingness to get actively involved in an organization to assist in working out financial issues that are in the best interest of the portfolio company. I attribute this difference to Central Wireless taking a longer view of their partnership with their portfolio companies.”
Alan Walls, CFO of ATG said, “We are thrilled to be joining a team of diverse professionals at Central Wireless (CWIR) that have a shared vision of growth and opportunity for the Company, the employees and the shareholders. The trucking industry has many levels of integration and roll up possibilities to fuel growth and profitability simultaneously and the CWIR group understands this. It is a tremendous and rare honor to serve the group being brought together under the CWIR umbrella in the various business sectors as we move the vision of CWIR forward”
Central Wireless Inc (OTCMKTS:CWIR) move into the trucking business comes on the heels of the finalization with Inqubus, a social networking platform for entrepreneurs that allows for open knowledge and access to software development. CWIR has a market cap of $3.13M and 1.95B shares out. This move shows that CWIR is aggressively making moves and should be on investors watch list as the month comes to a close. Sign-up for continuing coverage on shares of $CWIR stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $CWIR, either long or short, and we have not been compensated for this article.