Ubiquity Inc (OTCMKTS:UBIQ) was a notable decliner in the overnight trading session. The stock plunged by close to 14% on the back of 14 times the average daily volumes. It is important to point towards the fact that the sell-off in the overnight session was on the back of a huge move seen on Tuesday. This made traders believe that the sell-off might just be a profit taking move. The relative strength index for the stock gave a sell signal, which is a cause for concern. The stock currently trades above all important daily moving averages, which is a bullish signal.
The increasing demand for wearable devices across the globe has prompted Ubiquity Inc (OTCMKTS:UBIQ) to enter into an exclusive licensing agreement with well-known Sprocket Wearables, inc. Ubiquity is known for its world-class licensing and technology development expertise.
The main reason for executing this licensing agreement is because Ubiquity has received an order to build Apple Wearable devices, for which it needs an expert like Sprocket that knows the ins and outs of the wearable technology.
Two exquisite requirements of this licensing agreement are royalty that’s equal to 15% of the gross sales and an initial fee of $1.5 million. Royalty will cover the sales of all the goods and services covered under this license.
Management Call
The senior management of Ubiquity is delighted to announce this news and hopes that it will add a new feather in the success story of the company in the coming months. According to Chris Carmichael, Chairman & Chief Executive Officer, Ubiquity, this agreement paves the way towards launching Ubiquity’s trailblazing technology in the near future.
With the help of Sprocket wearable platforms, users will be able to stay in touch with other community members round the clock, and exchange ideas, opinions and share happiness easier than ever. There’s no better wearable provider in the market than Apple, which adds extra responsibility on Ubiquity’s shoulders to come up with an unparallel final product.
According to Jordan Edelson, CEO, Appetizer Mobile, LLC, it’s great to have partnered with Ubiquity for the creation of such world-class platform for Sprocket Wearables. Mobile technology is going to be the next big thing, and Ubiquity is all set to explore it fully.
The industry has already seen a handful of wearable products from different manufacturers and entrance of Ubiquity in this field will surely raise the bar to the next level. Further information about this deal will be shared with all the investors from time to time.
