Portlogic Systems Inc. (OTCMKTS:PGSY) has made July a month to remember running as high as $0.2975 on a significant surge in trading volume from under $0.03 start. PGSY made a big move last year with highs over $1.25 thanks to the Breakaway Stocks promotion on the stock with the landing page at breakawaystocks.com/pgsy/ declaring a production budget of $200,000 a week.
PGSY bills itself as a mobile and Internet software developer and solutions provider for electronic payments, ticketing and marketing delivery and unified communication systems. Portlogic’s goal is to continually research, develop and market the most convenient and advanced software tools that receive information and manage daily tasks.
Portlogic Systems Inc. (OTCMKTS:PGSY) was incorporated back in 2001 under the laws of the state of Nevada. In March of this year the Company affected a 1 for 750 reverse stock split.
According to their website More than 5 billion human beings own a mobile phone. Mobile transactions are estimated to reach 10 billion in 2012 and to grow by nearly 40 percent every year for the next five years.
Portlogic’s growing suite of enterprise mobile phone software solutions allows industries such as banking, customer relationship management, ticketing, and marketing, the ability to easily and efficiently manage transactions and information.
Portlogic’s delivery portals include Mobile, Internet and Kiosk terminals. Our platforms provide secure front-end user interfaces and back-end server side-data management, administration, and consolidation. The company mission is to continually focus on researching, developing and marketing the most convenient and advanced tools that receive information and manage daily tasks.
Through licensing agreements and continual software development the company has since expanded its product line to include content and application delivery to mobile phones such as ticketing and marketing software systems. With the increasing sales of mobile application revenue exceeding $4.2 billion in 2009, with the estimated growth to be $29.5 billion by the end of 2013, mobile users are quickly learning to expect the convenience of using their mobile phone for an increasing amount of daily transactions.
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On September 21 PGSY announced it has made significant strides in its principal product families: m2Meet, m2Bank, m2Market, m2Ticket, m2Kiosk, and m2Workflow. As detailed in its most recent 10K filing, the company continues to focus on completing and commercializing all of its products and services.
M2Meet is currently being developed from Portlogic’s proprietary web based source code. Internet and mobile users with similar interests will use m2Meet to socially network and connect using location based technology such as GPS. Anyone can send out a request within a geo-fence in order to locate another user for a variety of social activities.
CFO Jueane Thiessen said”We are excited that after all of these years of hard work, we can finally see a direct path to market. Our suite of disruptive products is now ready for commercialization and I am pleased to report that the company will immediately begin searching for an experienced management team who will drive revenue in every product class.”
According to the over the top landing page from Breakaway Stocks ”If I’m right about PGSY’s potential you could walk away 2,793% richer… however, even if I’m wrong, you could still get 6X your money back! This insanely innovative company’s secure networks and industry rocking products are changing EVERYTHING – Today is the day telecommunications and…Your financial future changes forever!”‘
On July 24 PGSY announced it has entered into an agreement with Mobicloud Technologies Pvt. Ltd. to provide IT consulting and product development. Mobicloud’s scope will be to develop mobile app and VoIP products, and provide cloud-based, enterprise and other end-to-end solutions to Portlogic customers.
CTO Meeta Litake, who previously worked with Mobicloud, stated, “We are very excited to work with Mobicloud as our developer to provide and create new solutions and products for the company. With the combination of both teams and their collective, extensive knowledge with the latest technology trends and development practices, this will help Portlogic Systems further build its customer base.”
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Currently trading at a $10 million market valuation PGSY has minimal assets or revenues and rising short term debt. The stock recently made an explosive move up form the $0.02 range to $0.1795 highs before coming back down to where it started. Short term PGSY could easily be good for another pop, long term the stock has no fundamentals and could drop big from current valuations. We will be updating on PGSY when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PGSY.
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Disclosure: we hold no position in PGSY either long or short and we have not been compensated for this article.