Ziptel gets second speeding ticket
Perth travel sim-card company Ziptel has received its speeding ticket from the ASX in three weeks after its shares spiked 13.5 cents this morning to a new record high on no news.
The company, which recently signed a deal with Indian advertising company Airloyal and was on a roadshow presentation last week, said it had no explanation for the sudden share price spike.
Ziptel shares were trading at 15 cents on October 15. Following this morning's spike, they were trading at 56 cents.
Today's speeding ticket comes after a similar query from the ASX on October 17 after its share price climbed 6 cents in two days.
The company said it had no explanation for the rise, apart from "increased inquiries regarding information previously released to market".
Its share price continued to rise, reaching a peak of 45 cents on October 24. On October 27 it announced the partnership agreement with Airloyal.
In a release to the market, Ziptel said the partnership "with one of India's leading digital mobile advertising companies" would enable it to distribute its ZipT application across AirLoyal's one million paid subscribers
The company claimed the partnership could secure "over five million users in 12 months".
The ZipT app is a downloadable mobile-based app that allows consumers to SMS and make international calls from their mobile at lower rates.
Ziptel declared revenue of $214,000 during the September quarter, which resulted in an $820,000 operational loss over the period.
