Air purification company Applied UV (NASDAQ:AUVI) announced today a new contract that will expand its global reach. AUVI stock is soaring 50% today at the time of writing.
Applied UV’s distributor M/S Novatek Pakistan won a contract to be the sole source provider of Airocide air purification systems for government hospitals in Pakistan. M/S Novatek will have exclusive rights to provide Applied UV’s Airocide systems to these hospitals “via a government tender for the KPK Province in Pakistan.”
In the press release, Applied UV detailed Novatek’s extensive experience with the Pakistani government. Indeed, M/S Novatek previously won a comparable contract to distribute and install 657 Airocide air purification systems in the country. Applied UV Chief Executive Officer John Andrews commented on the news:
“We are proud to partner with M/S Novatek Pakistan and appreciate the trust they have placed in our Airocide suite of air purification solutions. Improving the quality of indoor air in all public indoor places, specifically government hospitals, protecting the facilities, staff and the patients who frequent them from dangerous pathogens is at the center of efforts by governments globally. With the implementation of these government guidelines and standards for business to use to improve indoor air quality beginning, our air purification solutions are the best-in-class tools to use as the world’s economy begins to re-open, post pandemic.”
AUVI Stock Skyrockets on Distribution Expansion News
Applied UV has had a relatively tumultuous year thus far, making today’s jump all the more notable. Even given today’s spike, AUVI is down about 21% year-to-date as yet another casualty of this year’s bearish market.
Applied UV’s patented Airocide technology was originally created for the National Aeronautics and Space Administration (NASA). The technology has created quite a buzz in its brief tenure thus far. Using narrow-range ultraviolet light (UVC), Applied UV’s filters can eviscerate pathogens safely and automatically.
In fact, in September, the New York based company released laboratory data showing Airocide’s efficacy at killing the Covid-19 virus. In under six minutes, the Airocide HD was able to remove up to 99.94% of the virus’s airborne particles.
Will today’s jump spark a turnaround for the company? Investors will just have to wait and see.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.