Many investors in INEO Tech Corp (OTCMKTS:INEOF) (CVE:INEO) are possibly going to be hoping for a quick turnaround in the fortunes of the company’s stock over the coming days considering the poor performance in the past week. During the period, the stock has suffered from a selloff and fell by as much as 7%.
On Thursday, INEO stock fell 10% to C$0.27 with 105K shares, compared to its average volume of 82K shares. The stock has moved within a range of $0.2650 – 0.2900 after opening trade at $0.29.
Expands eCommerce Business into the US Market with the Acquisition of Securitytags.com
The company is best known for having created the INEO Media Network, which is meant for providing analytics and digital advertising solutions services to retailers. Yesterday, the company came into focus after it announced that it had been successful in completing the acquisition of all the assets belonging to Securitytags.com. The assets were acquired from Vitag PVT Ltd.
The acquisition could be an important one for the company considering the fact that Securitytags.com is engaged in providing Electronic Article Surveillance anti-theft solutions to those who are in retail. Despite the significant announcement from INEO, there was no particular enthusiasm among investors and there was no significant action in the stock either.
“INEO has an immense opportunity in the US market and this acquisition will help accelerate the Company’s eCommerce sales and expand our reach in that market,” said Kyle Hall, CEO of INEO. “Securitytags.com is a recognized brand name and has a strong list of US-based customers who have purchased EAS products in the past, thereby providing INEO with immediate revenues and potential for future cross-sell opportunities for its innovative INEO Welcoming System.”