VANCOUVER - Siyata Mobile Inc. (NASDAQ:SYTA), a developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, announced today a distribution agreement with a prominent Middle East-based group specializing in mobility, transportation, logistics, energy, and services. This deal will see Siyata's Rugged PTT Handsets and In-Vehicle Devices, including Real Time View products, being offered to the conglomerate's enterprise customers and its subsidiaries.
The unnamed Middle Eastern group, recognized for importing and distributing commercial vehicle brands like DAF and Isuzu trucks and operating extensive logistics centers, is expected to bolster Siyata’s international presence. Siyata CEO, Marc Seelenfreund, expressed optimism about the partnership, anticipating that it will strengthen the company’s growth and sales in the region.
Siyata Mobile's product line is designed for enterprise workers and first responders, enabling instant communication over a chosen nationwide cellular network, thus enhancing situational awareness and potentially saving lives.
Their offerings include rugged handsets, accessories, in-vehicle solutions, and cellular booster systems to maintain effective communication in vehicles and areas with poor cellular signals. The company's products are currently utilized by a diverse set of industries, ranging from public safety organizations to resorts.
The partnership aligns with Siyata's strategy to expand its distribution channels as a key growth driver for 2024. By tapping into the Middle Eastern conglomerate's established network, Siyata aims to increase the accessibility of its products to a broader market.
Siyata Mobile trades on the Nasdaq with the ticker symbols SYTA for its common shares and SYTAW for its previously issued warrants. The company sells its products through leading North American and international cellular carriers and distributors.
The information about this distribution agreement is based on a press release statement from Siyata Mobile, Inc.
InvestingPro Insights
In light of Siyata Mobile Inc.'s (NASDAQ:SYTA) recent distribution agreement aimed at expanding its international presence, real-time data and insights from InvestingPro provide a deeper understanding of the company's financial health and market performance. Siyata's strategic movements come at a time when the company is experiencing significant sales growth, with revenue increasing by 34.23% in the last twelve months as of Q1 2023.
InvestingPro Data metrics reveal that Siyata has a market capitalization of $1.63 million and is trading at a low Price / Book multiple of 0.13. Despite the optimism surrounding the new partnership, the company has faced challenges, as indicated by a Price / Earnings (P/E) Ratio of -0.11, reflecting concerns about its profitability. Moreover, the stock has seen a sharp decline in value, with a 1 Year Price Total Return of -97.69% as of the most recent data.
InvestingPro Tips suggest that while Siyata has a high shareholder yield, analysts do not anticipate the company will be profitable this year. Additionally, Siyata's stock is currently in oversold territory according to the Relative Strength Index (RSI), which could signal a potential buying opportunity for investors.
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