CORAL GABLES, FL / ACCESSWIRE / February 27, 2019 / Nothing in life is guaranteed, but based on the first few months of the year, the future of the tech stock market looks to be in good shape. Driven by the activity in the tech industry, companies in the space have demonstrated in 2019 that the future is merely an era to keep in mind, not to grow frantic over. We've seen tech companies develop innovative technologies utilizing artificial intelligence, virtual reality, and automation, all of which has drawn investors in search of potential opportunities to the tech sector. ParcelPal Technology Inc (PTNYF) (PKG), Citius Pharmaceuticals Inc(CTXR), VistaGen Therapeutics Inc (VTGN), and Frontier Communications Corporation (FTR) represent 4 tech stocks on the rise on Wednesday.
ParcelPal Technology Inc (PTNYF) (PKG) is a technology-driven logistics company purposed with connecting consumers to the goods they love. In an industry replete with companies taking the less-expensive way out, often leading to sub-par quality,ParcelPal's consumer-centric model has alleviated any of these worries. The Company recognized an issue within the consumer marketplace: food delivery apps existed, but that was all we could order. Seizing the opportunity, ParcelPal created an on-demand marketplace where customers can purchase what they need and have their goods delivered within an hour. The Company's on-demand delivery platform has garnered notoriety for its ease of use.
ParcelPal Technology Inc (PTNYF) (PKG) announced towards the end of last month that the Company had formed a partnership with MADD Canada to aid in the continuous fight to prevent impaired driving. According to the announcement, MADD Canada has endorsed ParcelPal as its official delivery service in Canada. As part of the ParcelPal's national rollout campaign, advertising for ParcelPal's service will be seen across the country in various educational forms. Together, MADD Canada and ParcelPal will launch a national awareness campaign focused on educating Canadians on the dangers of impaired driving and the options they have for getting items they want or need without leaving the party.
In a press release regarding the announcement, Kelly Abbott, President, and CEO of ParcelPal Technology Inc (PTNYF) (PKG), explained that "as ParcelPal dives deeper into cannabis and alcohol delivery, we are very aware of the inherent risks associated with consumption. We take every precaution to ensure the product is not only delivered safely but will be consumed responsibly as well. Our driver training programs and our technology are designed to ensure they do not deliver to a highly intoxicated or underage person."
Citius Pharmaceuticals Inc (CTXR), a pharmaceutical company focused on adjunctive cancer care and critical care drugs products, announced in early January that a definitive license agreement had been reached with MD Anderson Cancer Center to develop and commercialize a novel approach to reducing post-operative infections associated with surgical implants. The initial product called "Mino-Wrap", or CITI 101, is a liquefying gel-based wrap containing minocycline and rifampin for reducing tissue expander (TE) infections following breast reconstructive surgeries.
Myron Holubiak, President and CEO of Citius, commented, "we are extremely pleased that Citius was able to secure the worldwide license for CITI 101, and to continue collaborating with MDACC, one of the world's most respected cancer centers, in developing innovative products that address critical medical needs."
VistaGen Therapeutics Inc (VTGN), a clinical-stage biopharmaceutical company developing medicines for depression and other central nervous system diseases, yesterday announced the pricing of its underwritten public offering of 10,000,000 shares of its common stock at a public offering price of $1.00 per share. Gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses, are expected to be $10 million.
Per the details of the announcement, VistaGen currently intends to use the net proceeds from the offering for continued development of its CNS pipeline programs, and for general research and development, working capital and general corporate purposes.
Frontier Communications Corporation (FTR) made headlines yesterday when the Company reported financial results for the fourth quarter and full year ended December 31, 2018. Consolidated revenue for the fourth quarter of 2018 was $2.12 billion. Within consolidated revenue, Consumer revenue was $1.09 billion, Commercial revenue was $942 million, and subsidy and other regulatory revenue were $94 million.
Dan McCarthy, President, and CEO of Frontier stated, "I am very pleased that the fourth quarter results reflect our improving execution as well as initial benefits from our transformation program. A robust result in Consumer, together with strong expense management, drove a sequential increase in fourth quarter Adjusted EBITDA."
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