Technology company SPYR Technologies (OTCMKTS:SPYR) saw its stock come under selling pressure on Tuesday as it ended the day with a decline of as much as 6%. In light of this situation, it may be a good move for investors to take a look at some developments from yesterday.
Technical Data
SPYR stock is trading below the 20-Day and 50-Day Moving averages of $0.0473 and $0.0420 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0513.
SPYR Technologies’ Applied Magix Considers Increasing Its Distribution Network to Include South America, Asia and Europe
SPYR has a subsidiary unit named Applied Magix Inc which is involved in the development and reselling of products which are compatible with the Apple ecosystem. It operates in the fast growing connected car and smart home product markets which are valued in billions of dollars.
Yesterday, it emerged that that Applied Magix was considering the possibility of expanding into new continents to its pool of clients. Dr Harald Zink, who is the Chief Executive Officer of Applied Magix, noted that everyone at the company was excited at the possibility of expanding into new markets. He noted that such an expansion was going to mark the beginning of the company’s transformation into a globally renowned company within the world of technology.
After having already established an office in Hong Kong, the company is now looking to move into Thailand, central Europe and Mexico.
Key Quote
“We´re excited over the prospect of expanding our products to new lands; we believe it would mark the beginning for Applied Magix to become a worldwide known company inside the tech world,” said Applied Magix CEO Dr. Harald Zink. “Following on the heels of our Hong Kong representative office, we are investigating similar footprints in central Europe, Mexico and Thailand, respectively.”
Technical Data
SPYR stock is trading below the 20-Day and 50-Day Moving averages of $0.0473 and $0.0420 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0513.
