Canadian Tech Stock Powers Higher on Contract Award

Lite Access Technologies Inc. (TSXV:LTE), a Canadian tech stock, soared after announcing a contract with UK’s CityFibre

Sean Mason | October 23, 2019 | SmallCapPower

A multi-million dollar UK contract propelled a Canadian tech stock sharply higher Wednesday. Here’s some small stocks making big moves on Wednesday, October 23, 2019 (as of 4 pm EST):

Lite Access Technologies Inc. (TSXV:LTE), a Canadian tech stock, surged 50% to $0.195 on Wednesday after announcing that UK’s CityFibre, an alternative provider of wholesale full fibre infrastructure, has awarded Lite Access a contract for fibre-to-the premises installation to more than 28,000 homes in Lowestoft, England. The contract is valued at about C$20 million over two years.

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As well, shares of Callinex Mines Inc. (TSXV:CNX) climbed 39% to $0.72 as the zinc junior said it has begun its 2019 Bathurst drilling campaign to complete up to 5,000 metres of drilling at the Nash Creek and Superjack Volcanogenic Massive Sulphide projects located in New Brunswick.

Drone Delivery Canada Corp. (TSXV:FLT), meanwhile, reported that it has entered into a commercial agreement with DSV Air & Sea Inc. Canada, the Canadian arm of the global transport and logistics company DSV Panalpina A/S, to deploy Drone Delivery’s drone delivery platform. Drone Delivery Canada stock moved up 13% to $0.80 following the announcement.

Finally, Bee Vectoring Technologies International Inc. (TSXV:BEE) shares jumped 16% to $0.285 after the provider of technology that uses bumblebees and honeybees as natural, precision delivery mechanisms for organic compounds that inhibit or control common crop diseases announced that it has signed Sizemore Farms, a grower of Florida strawberries, as the first commercial grower deal for its U.S. EPA-registered product, VECTORITE with CR-7.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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