CSI Wireless shares jump 12% after a $4M purchase announcement

CSI Wireless shares jump 12% after a $4M purchase announcement


CSI Wireless’ shares turned out to be star performers at the Toronto Stock Exchange on Wednesday following company’s announcement that it has bagged a major $4 million purchase deal for its desktop cellular phone. The scrip of the company shot up by nearly 12% and was quoted at $1.24 at the close of the day.

The Calgary-based company has been notching major purchase deals in recent months. Towards September end, CSI had announced a $13 million purchase deal and now another $4 million contract has come its way. The company has attributed it to a consistent rise in the demand for desktop cellular phones in the global market. Stephen Verhoeff, CEO, CSI Wireless told reporters, “Market interest in our desktop cellular or fixed wireless phones is escalating in the many countries where conventional copper-wire phone service is unavailable or very expensive.”

The company is expecting record sales of its phones in Q4 and is bullish about business prospects in the medium to long-term time horizon. This is because of the fact that its Wireless’ GSM phones have already been given the green signal by 23 cellular service providers globally, and nearly 40 other companies are presently testing the quality of its CSI phones. CSI wireless phones are specifically designed to suit the requirements of industrial phone users related with agriculture, marine and automotive sectors.