EXO U Signs Distribution Agreement, Shares Surge On News

EXO U Signs Distribution Agreement, Shares Surge On News

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, February 3, 2016

Global equities remain under pressure amid concerns over a slowdown in China and lower oil prices. Overnight, the Nikkei 225 Index in Japan dropped more than 3%. Markets in Europe also fell sharply. North American markets are also struggling, with the S&P 500 down sharply in mid-day trading. Equities are struggling even as global central banks, excluding the Federal Reserve, have announced further monetary easing measures. The Bank of Japan has already announced new measures to boost economic growth, while the European Central Bank President has hinted at more measures at the next monetary policy meeting.


The main concern for investors right now is the impact of lower oil prices and the significant slowdown in China. Data from China continues to suggest that the world’s second-largest economy is seeing a hard landing. While the U.S. economic environment remains solid, global events are hurting sentiment.

Despite the pullback in the broader market, shares of Canada-based EXO U Inc. (TSX-Venture:EXO), a developer of an innovative software platform (Ormi) that enables businesses and educational institutions to securely mobilize and manage their mobile workforce and students by delivering engaging experiences spanning desktop and mobile applications, are soaring in trading today. At last check, EXO shares were trading 26.32% higher on above average volume.

EXO is surging after the company announced that it has entered into a distribution agreement with Genee World Ltd., a Wolverhampton, England-based company. The agreement enables the distribution of the Ormi software platform with Genee World's technology solutions for kindergarten – Grade 12 (K-12) higher education, and corporate.

The agreement provides for joint sales and marketing efforts through Genee World’s established network of resellers with a proven track record of success in the European education markets. EXO has appointed Genee World as the exclusive reseller of Ormi in Europe.

Commenting on the development, Kevin Pawsey, CEO at EXO U, said that he has known the Genee World team for some time and is very pleased to have a well established distribution partner in Europe. Pawsey further said that the agreement will help the company build a larger base in Europe, starting in 2016. Pawsey added that the relationship between whole class teaching and Bring Your Own Device (BYOD) technologies is growing and education establishments are investing in interactive displays and mobile devices and with Genee World, along with Qomo and Panasonic in the U.S., EXO is now activating extensive channels, each with existing relationships with districts and universities.

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