NEW YORK, NY / ACCESSWIRE / August 20, 2018 / Both Tel-Instrument Electronics Corp. and ChinaNet Online Holdings were big winners in Friday's session. Tel-Instrument saw gains after announcing it expects a multi-million dollar order from the German government while ChinaNet soared on second-quarter results.
RDI Initiates Coverage on:
Tel-Instrument Electronics Corp.
ChinaNet Online Holdings, Inc.
Tel-Instrument Electronics Corp. shares closed up 25% on nearly 5.7 million shares traded on Friday. The company announced last week that the German government notified its U.K. distributor of its intent to award a multi-year, multi-million-dollar contract for the purchase of up to 275 TS-4530A Mode 5 test sets. The company also noted that the German government had received a protest to this planned award from an unsuccessful bidder, which must be resolved prior to any contract being awarded. CEO Jeffrey O'Hara stated, "This is the first multi-million international contract for Mode 5 test sets and provides an indication of the scope of the international Mode 5 market and the competitiveness of our test sets. We are working with our U.K. distributor and the German government to resolve the protest, and hope to have the contract issued this quarter. This pending order would entail the shipment of up to 200 test sets within the next 12 months. The Company is also in discussions with other major international customers that have evaluated our Mode 5 test sets and anticipates volume contracts to commence starting later this year as countries work to become Mode 5 compliant prior to the January 1, 2020 decertification of Mode 4 IFF. The Company is actively working to secure additional equity financing to support the planned growth in our business and we expect to have this financing in place by the end of the current fiscal quarter."
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ChinaNet Online Holdings, Inc. shares were up 25.65% at the close on Friday with 4 million shares traded. Average trading volume for the stock is just a little over 200,000 shares. The integrated online advertising, precision marketing, data-analysis and management services platform announced second-quarter results. Revenue for the quarter saw a growth of 114.5% to $22.5 million from $10.5 million in the same quarter a year ago. Revenues from the company's search engine marketing and data service had seen a jump of 142.1% to $19.4 million. This number was $8 million in the year-ago quarter. CEO Mr. Handong Cheng stated, "We continued to grow our existing search engine marketing and data service business while developing a new growth engine in blockchain. During the quarter, we initially launched the beta, and later the official version of BO!News, the first blockchain-powered mobile application to improve the efficiency and transparency of marketing and advertising activities. We also formed Business Opportunity Social Ecosystem (BOSE), a blockchain-based transaction system to improve distribution fairness, enhance transaction credibility, and increase monetization opportunities for the marketing and advertising business community. Going forward, we will remain committed to introducing and integrating additional blockchain applications into our ecosystem, pave our path back to profitable growth, and solidify our leadership position in China’s rapidly expanding blockchain industry."
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