Micro cap stock Siyata Mobile (Siyata Mobile Stock Quote, Chart TSXV:SIM) has been a winner over the past few months, with its share price up 30 per cent year-to-date. And there may be more upside to come, says Robert McWhirter, president and portfolio manager for Selective Asset Management.
“Siyata has a system that is push-to-talk radios. If you are in a mobile fleet and you want to keep track of what’s going on at head office, etc. They also have an extremely good opportunity in first responders. The US is spending a large amount of money to make it so that Fire, Ambulance and other services can talk to each other and this is a great opportunity for Siyata,” McWhirter told BNN Bloomberg on Friday.
“The product is set up to deal with the latest generation of communications technology. We think that they have qualified for a number of large carriers in the US and we think that 2019 will be a pretty good year of traction for the company,” he says.
Last week, Montreal-based Siyata announced that it had received its first purchase order from a Tier 1 US cellular carrier for its Uniden UV350 fleet communication device, an event which management calls a significant milestone.
“Siyata is not only first to market but has created a completely new device category, likened to the rugged phone, the rugged tablet and feature phone categories all which sold millions of devices through Tier 1 U.S and global carriers,” CEO Marc Seelenfreund said in a press release. “The UV350 represents a completely untapped yet equal opportunity which meets the needs of First Responder and commercial vehicles around the world and we are excited to be included in the ranks of the leading global cellular vendors.”
Last month, the company announced that it had received proceeds of $6.19 million from warrants which had expired as of March 18, 2019, with Seelenfreund saying the company is now well-funded to support the upcoming launch of UV350 with AT&T along with additional US and global carriers.
Disclosure: Siyata Mobile is a sponsor of Cantech.