Vislink VISL Stock News

Vislink Technologies Inc (NASDAQ: VISL) is trading on gains in multiples early on this morning after the company announced that it has been awarded a government contract. So far this morning, the stock is up more than 220%. Here’s what’s happening.

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VISL Stock Runs On Military Contract Award

Vislink Technologies is flying in the market this morning after issuing a press release announcing a military contract. The press release was relatively short, but provided all of the information investors were looking for.

The new contract was awarded to VISL by the United States Army. Under the terms of the agreement, the company will provide the Army with intelligence, surveillance and reconnaissance receiver devices.

The contract is valued at approximately $2.8 million. As a result of the contract, the company will provide the Army with ruggedized, lightweight hand-held receivers that are designed to display real-time video imagery transmitted by aerial assets or frontline surveillance platforms. The company will also provide the Army with all related accessories required.

In a statement, John Payne, President and COO of the IMT Vislink division at VISL, had the following to offer:

We are honored that Vislink continues to be a trusted partner to our armed forces, and this latest contract underscores our ability to meet their most stringent requirements. Our video communications technology remains the de facto standard in high performance, rapidly deployable solutions that can operate reliably in the most challenging and hostile environments.

This Contract Is Significant

According to Yahoo! Finance, after the gains we’ve seen so far today, Vislink has a market cap of just over $10 million. As such, a contract worth nearly $3 million is a significant bit of news for the company. However, the positive effect of this news goes far further than that.

At the end of the day, the United States Army is known to continue using trusted providers. So, this may not be the only order that we see from the Army down the line. Moreover, should all go well with the company’s technologies, we may see more orders from other arms of the United States armed forces.

All in all, the news announced today puts VISL on the next level and could be an open door for strong growth in military orders and revenue ahead.

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