IOT Group takes off on selfie drone buzz
IOT Group (ASX:IOT) is taking off – but too quickly for the regulator’s liking.
This morning it was pinged with a speeding ticket by the Australian Securities Exchange, after the bourse noticed the buzz being generated by its recent announcement that it was pushing into the US and Mexican markets.
Early last week it entered an exclusive arrangement with TOP TECH to distribute its ‘selfie drones’ into the retail market.
TOP TECH’s clients include Walmart, Kmart/Sears, Costco, Sam’s, JC Penney, Macy’s target, best Buy, Staples and many more.
At the time, TOP TECH owner Bryan Corlett highlighted the potential of the tech in the market, saying it has “cutting edge technology, massive street appeal, and a highly competitive price point.”
The deal kicked off a frenzy of speculation, which has sent its shares up a whopping 233% over the past five days (at the time of writing) – there is no guarantee this trend will continue, but the regulator has stepped in anyhow.
In response to the ASX speeding ticket, IOT said it was simply the buzz over the deal which generated the huge gains.
It highlighted the fact that the deal had been written about in 100 media stories around the world – kicking off speculation among investors as to how much it could sell, although management had not given any forecasts to that effect.
About IOT Group (ASX:IOT)
IOT launched into the consumer electronics market in May last year – aiming to disrupt the market by providing lower-cost products.
It previously launched a low-cost smartwatch, but its so-called selfie drone has caused most of the buzz.
It is one of a number of companies trying to come up with a selfie drone – with the drone tracking its owner and shoots video footage and photos of them.
IoT has also announced late last year that its Intervision IPTV business division increased subscriptions from 1375 subscribers to 2143 subscribers between July and October. Intervision currently provides internet television for the Greek and Arabic markets.