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Why Nano-Cap Vislink Technologies Is Ripping Higher

Why Nano-Cap Vislink Technologies Is Ripping Higher

Shares of Vislink Technologies Inc (NASDAQ: VISL), a global wireless communications solutions provider, were skyrocketing on above-average volume Wednesday. 

What Happened

Vislink announced a $2.8-million contract Wednesday that it won with the U.S. Army to supply intelligence, surveillance and reconnaissance receiver devices.

"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," COO John Payne said in a statement. 

Why It's Important

Vislink has had several positive catalysts in recent months. In early June, the company said it bagged $650,000 in orders for HD airborne downlink system equipment and related services from law enforcement agencies in California and Minnesota.

The company said in late May that it regained full compliance with all applicable listing requirements of the Nasdaq Capital Market.

The recent U.S. Army contract represents about 7% of Vislink's annual revenue of $37.9 million in 2018.

At last check, Vislink shares were soaring 331.31% to $7.12 at the time of publication Wednesday. 

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