GigaBeam’s (GGBM) shares are up 23% today on over 4 million shares traded. That still leaves them down about 60% for the year.
And the reason for the run-up is fairly thin. The company received an order for four new WiFiber wireless broadband links from its South African reseller InnovatIF Telecoms, a distributor and systems integrator of WiFi, WiMax and proprietary technology solutions. No dollar amount was attached to the deal.
GigaBeam does not have much of a business. In the last quarter, it lost $2.6 million on $284,000 in revenue. Last year the company lost $19.3 million on $4.8 million in revenue.
Nice run up for a company that seems to be shrinking.
Douglas A. McIntyre
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