TPT Global Tech Inc (OTCMKTS:TPTW) Stock Recovers After Subsidiary Awarded $2.86 Million U.S. Army Contract

The award of a new contract is generally seen as a positive by most investors and hence, it was perhaps no surprise that the TPT Global Tech Inc (OTCMKTS:TPTW) stock ended up with gains of as much as 6% this past Friday. The company announced last Friday that a division of its general construction and technology subsidiary unit TPT Strategic Inc had been awarded a contract renewal running across three years.

Trading Data

On Friday, TPTW stock rose 6.25% to $0.0017 with more than 59.28 million shares, compared to volume of 8.08 million shares. The stock moved within a range of $0.0016 – 0.0035 after opening trade at $0.0018.

TPT Global Tech Subsidiary Awarded $2.86 Million U.S. Army Contract

The contract, that had been awarded by the United States Arms Contracting Command, Stryker Division, was valued at as much as $2,862,435. The division in question that was awarded the contract was IST or Information Systems Technology and it is going to be responsible for the Initial Fielding with regards to Stryker vehicles, Army training and also education.

The Chief Executive Officer and Chairman of TPT Global Tech Stephen J Thomas III spoke about the latest development as well. He noted that the company had been looking to get into the government contracting market for quite a while and that had been the part of its overall strategic plan as well. He went on to note that the contract it managed to bag was the first of many that it was looking to get awarded.

Key Quote

“TPT Global Tech has been planning to enter the government contracting space for some time now as part of our overall strategic plan. This is the first of a planned series of federal contracts the company is expecting as a result of the completion of its IST acquisition,” said Stephen J Thomas III, Chairman & CEO of TPT Global Tech

Technical Data

TPTW stock is trading below the 20-Day and 50-Day Moving averages of $0.0024 and $0.0032 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0068.