Location Based Technologies, Inc. (LBAS) soars on new Mexican contract
Posted on: August 30th, 2011Written by:
Location Based Technologies®, Inc. (OTCBB:LBAS) shares zoomed 6.9% to 83.4 cents late Monday, on news of a lucrative purchase order from Mexico. Volume for the stock totaled 1.2 million shares, surpassing a daily average of around 816,000.
A news release issued August 29 stated that the Irvine, Calif.-headquartered LBT, a leading-edge service provider of personal, pet and asset location devices, received a $1.2-million purchase order from Grupo Paramuen SA de C.V, a GPS solutions provider for the B2B mobile electronics market in Mexico. LBT will ship both the PocketFinder® Personal and Vehicle units to Grupo Paramuen before year end.
The release quoted LBT CEO Dave Morse as saying, “This purchase order establishes our initial push into the Latin American market. We are extremely excited about the opportunity that Mexico represents for us.”
Morse concluded, “We believe there is a tremendous need for our products and services in Mexico and South America, and partners like Grupo Paramuen will allow us to establish a significant presence abroad.”
Location Based Technologies®, Inc. designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally.
