Integral Technologies, Inc. (OTCMKTS:ITKG)
Integral Technologies, Inc. (OTCMKTS:ITKG) was up over 220% today on massive volumes. Shares of the hybrid plastics designer and manufacturer traded over 13.3 million times today. ITKG shares have a listed 30-day, daily average daily trading volume figure of barely over 1 million. Shares closed yesterday at $0.028 and ended the day at $0.09.
The catalyst for the increase in price and share volumes was the announcement that Integral Technologies, Inc.(OTCMKTS:ITKG), through its wholly owned subsidiary ElectriPlast Corp., and its ElectriPlast material has been chosen by a leading European electric luxury SUV maker for use in a high voltage connector.
Mo Zeidan, CTO of ElectriPlast, stated, “We are excited about winning this order with such a prestigious automaker with a globally renowned brand and appreciate the vision that our Tier 1 partner has in implementing ElectriPlast conductive plastic as part of their EMI shielding portfolio,”
The order is ElectriPlast’s first European automotive commercial order and will run through 2024. Volumes for the program will be finalized once the complete global vehicle rollout plan is disclosed. Two million electric vehicles were on the road globally in 2016, that number is estimated to reach 70 million by 2025.
Integral Technologies, Inc.(OTCMKTS:ITKG) reported Q4 2016 revenues at $27,000 and that number came in lower for Q1 2017 at $24,000. For the same periods, Integral Technologies reported losses in net income of $731,000 and $1.19 million. For Q1 2016, total assets were listed at $218,000 and for Q1 2017, that figure shrank to $163,000. Meanwhile liabilities increased from $2.7 million to $3.6 million.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.