PCT Ltd Stock Gains Momentum, Surges 19%: Is it a Breakout?
The week may be coming to a close but that hasn’t been an impediment to frenetic activity in the market and many stocks recorded substantial gains on Thursday. One of the stocks that managed to record significant gains was that of PCT Ltd (OTCMKTS:PCTL).
The stock gained by as much as 18% on Thursday and although there was no news about the company’s business, it should be noted that there have been other important developments at PCT. In such a situation, it could be worthwhile for investors to perhaps take a closer look at the company and its business.
The company acquires, develops, and supplies sustainable, environmentally safe disinfecting and cleaning technologies. The company acquires the rights of innovative products and technologies. It then commercializes those products through Paradigm Convergence Technologies Corporation, its fully owned subsidiary. In order to get a better idea about the rally in the PCT stock on Thursday, it is necessary for potential investors to take a look at some of the developments surrounding the company.
Adds Additional Distributor, Announces New Hospital Installations, and Provides Shareholder Update
Back in June, PCT announced that it has added another company to its growing list of distributors. The distributor in question is BOX Bioscience. BOX has been approved as a level 3 distributor and its operations are primarily in South Carolina.
The Chief Executive Officer of BOX, Ryan Cowell stated that the company has been doing well and the management was looking for such a distributorship agreement. He went on to say that PCT’s expertise in equipment and fluid solutions have been one of the major factors behind the consummation of the deal. It is a major development for PCT as well as it further expands its network and also adds a growing distributor.
At this point in time, the numbers of level three distributors at PCT are also growing significantly and that is also a significant positive from out of this deal. The rally in the stock is almost certain to be noticed by more investors and it remains to be seen if the stock can add to its gains today or not.
Continues Accelerated Expansion
However, that is not all. PCT has been making interesting moves for quite some time and back in May the company got a further boost to its ambitious expansion plans. PCT announced at the time that it was continuing its expansion efforts through more hospital installations and in addition to that, it reached distribution agreements with three new organizations.
Two out of the three distributors are going to be operational in the Western part of the United States and primarily in Utah and California. The other distributor primarily operates in South Carolina and further boosts PCT’s operations in the particular state. These developments make PCT a stock that could be tracked closely in the coming days.
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