VelaTel Global Communications, Inc. (PINK:VELA) was crashing pretty hard when the promotions kicked in and turned it from a crash to a crash on huge volumes. The last three sessions, however, VELA has recovered some ground.
Yesterday, VELA closed up 22.42% up and managed to get back to $0.101. The volume reached 8.2 million shares.
The main reason could be the press releases issued by the company, or it could be that it had hit a new 52-week low at $0.55 on Dec. 7.[BANNER]
Since that close, a trading day hasn’t gone by without VELA coming up with an announcement. On Dec. 7 the company said it had been accepted in the Global TD-LTE Initiative.
The next day, VELA announced entering into a business cooperation agreement to acquire a 75% controlling interest in Herlong Investments Limited. The closing is expected in the first week of January 2012.
Yesterday, VELA issued another PR stating the company and ZTE Corporation had signed a purchase order for 75 base transceiver stations.
This flurry of press releases was apparently enough for the impressive bounce back. Still, VELA will have to deliver on its plans if it is to avoid resuming it’s fall.
