Canadian Tech Stock Moves Higher on Contract Win

Lite Access Technologies Inc. (TSXV:LTE), a Canadian tech stock, rose after announcing a $1 million contract

Sean Mason | May 28, 2020 | SmallCapPower

Another contract award provided a boost to a Canadian tech stock Thursday. Here’s some small stocks making big moves on Thursday, May 28, 2020 (as of 4 pm EST):

Lite Access Technologies Inc. (TSXV:LTE), a Canadian tech stock that provides lower cost fibre optic networks, gained 11% to $0.82 on Thursday after announcing that it has been awarded a design and build contract for Clearwater County, Alberta, worth approximately $1 million.

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As well, shares of Patriot One Technologies Inc. (TSX:PAT) surged 19% to $1.25 as the provider of threat detection and counter-terrorism solutions said its wholly-owned subsidiary, Xtract Technologies, is collaborating with Amazon Web Services, Vancouver General Hospital, the University of British Columbia, and SapienML among others in the development of an Artificial Intelligence solution to help radiologists identify the increased risk of the COVID-19 virus.

Sangoma Technologies Corporation (TSXV:STC), meanwhile, reported that its third-quarter 2020 revenue rose 26% year over year to a record $36.31 million, while net income for the quarter increased to $1.70 million from $1.07 million during the same period last year. Sangoma Technologies stock moved up 9% to $2.20 following the announcement.

Finally, Ximen Mining Corp. (TSXV:XIM) shares jumped 10% to $0.69 after the junior explorer announced that it is mobilizing crews and equipment for exploration drilling and trenching on its precious metals properties in British Columbia.

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

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