Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of technology company SuperCom (NASDAQ: SPCB) are rallying on Friday following the company's announcement that it has won a tender with the Israeli government for the lease of its proprietary PureHealth Coronavirus Quarantine Compliance Solution.
It includes the PureCare smartphone and PureTag bracelet and complementary services, including installation, training for users, support, monitoring, and reporting.
Shares of SuperCom rose over 100% to $2.95 premarket. They have since given up some gains and are now priced at $2.34, up 61%.
The nationwide project is expected to begin next week, along with the contract signing, which is for an initial term of three months with a 36month extension option.
SuperCom expects the project to generate approximately $3 million per month in recurring revenue, although it may increase or decrease based on usage.
The company already completed a trial of the program, stating that there was high demand, with travellers arriving at the airport offered the opportunity to go on home quarantine for 10-14 days with SuperCom's PureCare technology and program.
“This further affirms our strategic approach to mitigating the spread of the coronavirus without causing undue intrusion into daily life,” commented SuperCom's President and CEO, Ordan Trabelsi.
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