SPO Networks Inc (OTCMKTS:SPOI) is a company that is actively looking for possible acquisitions and opportunities in a range of industries and yesterday, it made a major new announcement. It may be a good idea for investors to consider taking a look into it in order to make their minds up about the stock one way or another.
Trading Data
On Tuesday, SPOI stock ended flat at $1.5000 with 3.72K shares, compared to its average volume 948 shares. The stock moved within a range of $0.7801 – 1.5000 after opening trade at $1.5000.
SPO Networks, Inc. (SPOI) Announces It Is Expanding Its Metal Recycling Division
The company announced yesterday that it was in the process of expanding its metal recycling business division substantially and it goes without saying that it was a significant new announcement from SPO Networks. To that end, SPO has inked a letter of intent with regards to the lease of a parcel of land spanning 37 acres from Prestige Property Rentals LLC.
The company is aiming to build another highly advanced facility for metal recycling on that parcel of land at Missouri. The majority shareholder and Chief Executive Officer of the company Tom Smith spoke about the new facility as well. He noted that the facility is going to be able to process as much as 120 net tons of ferrous materials ever hour. As one can see, the capacity of the metal recycling business is going to go up considerably once the plant becomes operational.
Technical Data
SPOI stock is trading above the 20-Day and 50-Day Moving averages of $1.25 and $1.16 respectively. However, the stock is trading below the 200-Day moving average of $1.80.
