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VANCOUVER - Siyata Mobile Inc. (NASDAQ: SYTA), a provider of cellular communication devices, has secured a new client, Trans-West Security Systems, Inc., for its Push-to-Talk over Cellular (PoC) handsets and vehicle kits. The deal, which involves the deployment of the company's SD7 handsets and VK7 vehicle kits, was facilitated through Apex Wireless, a reseller.
Trans-West, a significant player in the private security sector with over 50 years of service, is upgrading its communication systems by replacing outdated two-way radios with Siyata's technology. This move is part of a broader trend where businesses and communities are increasingly investing in private security solutions in response to rising crime rates and the evolving complexity of criminal activities.
Marc Seelenfreund, CEO of Siyata, expressed confidence in the suitability of their ruggedized devices for the security industry, highlighting the importance of reliable communication for safety and asset protection. Apex Wireless's National Sales Director, Anthony Flores, also voiced satisfaction with the partnership, emphasizing the value of their collaboration with Trans-West.
Siyata Mobile specializes in developing next-generation communication solutions, offering a range of handsets and accessories designed for various enterprise and first responder applications. The company's products are distributed through North American and international carriers and distributors.
The information in this article is based on a press release statement from Siyata Mobile Inc.
In other recent news, Siyata Mobile Inc. has been making significant strides. The company's SD7 handset battery and power supply have gained certification from the Bureau of Indian Standards, enabling sales in India through reseller Consort Digital. This development underscores Siyata's commitment to the Indian market and its product quality.
In terms of personnel, Siyata has welcomed Mr. Campbell Becher to its board of directors, following the resignation of Stephen Ospalak. Becher's two decades of experience in investment banking are expected to drive the company's growth.
On the financial front, Siyata reported a decrease in Q2 2024 revenue from $2.7 million to $1.9 million, attributed to working capital constraints, which have been addressed through recent capital raises. However, the company anticipates Q3 2024 revenue to be significantly higher than Q2 2024 and aims for high double-digit growth for the full year of 2024.
Siyata has also secured a new partnership with a leading global mining company based in North America, involving an initial order of several hundred SD7 handsets for a Canadian mining site. Furthermore, the company continues to supply UV350 Vehicle Kits to Intellicom, a long-time client in Kazakhstan. These recent developments highlight Siyata Mobile's ongoing efforts to expand its market presence.
InvestingPro Insights
Siyata Mobile Inc. (NASDAQ: SYTA) has recently made headlines with its new partnership, and investors are closely watching the company's performance. According to InvestingPro data, Siyata Mobile's market capitalization stands at a modest $0.97 million. The company's revenue for the last twelve months as of Q2 2024 was approximately $7.97 million, though it faced a decline of 13.31% during that period. This suggests the company may be experiencing some challenges in growing its top line. Moreover, Siyata's gross profit margin was 32.36%, indicating a reasonable level of profitability in its operations despite the revenue downturn.
From an investment perspective, two InvestingPro Tips provide valuable insights into Siyata's current financial health and market sentiment. First, analysts anticipate sales growth in the current year, which may reflect optimism about the company's potential to rebound and scale its operations. Second, the stock is in oversold territory based on the Relative Strength Index (RSI), suggesting that it might be undervalued at its current trading price. This could present an opportunity for investors who believe in the company's long-term prospects despite recent performance.
Additionally, for those interested in further analysis, InvestingPro offers a comprehensive list of 16 additional tips, providing a deeper dive into the company's financial health, market performance, and future outlook. These insights, along with real-time metrics and analyst projections, can be found by visiting the dedicated InvestingPro page for Siyata Mobile Inc. at https://www.investing.com/pro/SYTA.
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