Ozop Surgical Completes Acquisition Of Power Conversion Technologies, Stock Surges
June was the month in which the stock markets went through a bit of a rebound, and many companies saw their stocks rise in the process. However, there were other stocks that rose due to fundamental reasons, and one such stock is that of Ozop Surgical Corp (OTCMKTS:OZSC).
On Wednesday, the company made a pair of major announcements, and that triggered a major rally in the stock as well. The Ozop Surgical stock rallied by as much as 55%, and considering the gains it has made in recent times, it might be worthwhile for investors to take a much closer look at the company.
The company announced on Wednesday that it completed the acquisition of Power Conversion Technologies Inc (PCTI). PCTI is a company that has been in business for 29 years and is involved in the manufacturing of high powered solutions meant for defense, maritime power, energy storage, and other such industries. However, that is not all. Ozop Surgical also announced that the company is going to be known as Ozop Energy Solutions from now on in light of the latest acquisition.
The Chief Executive Officer of the company, Brian Conway, said in a statement that the acquisition marks a major in Ozop’s long term strategic vision. He added that the company will now be able to try and capture a slice of the worldwide power technology market that is worth $36 billion. On the other hand, the President and CEO of PCTI, Catherine Chis, stated that the deal helps the company in going public and drive its investment in the fast-growing energy storage market.
However, that is not all. There have been other developments as well, which investors ought to be aware of. In mid-June, the Ozop announced that PCTI, which was its subsidiary at the time, had submitted a bid for a major contract. The bid in question is for supplying one of the world’s biggest defense contractors with power converter units.
While a bid in itself does not mean much and the results will only be known in 60 days, a source close to the developments at PCTI stated that it is the only supplier that has the capability of fulfilling this contract. At the time, Chis mentioned that PCTI is the only company that can meet the standards needed for mission control systems.
Earlier on in June, it had also emerged that PCTI was a participant in a bid that was related to the manufacturing of power converter modules for the United States Air Force. The project is related to the building of two prototype flight line power carts that will be a part of the communication modernization initiative of the Air Force.
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