One of the biggest gainers from the SmallCap space today was Highway Holdings (NASDAQ:HIHO) gaining an incredible 58 percent to $3.30 per share before giving back some ground in late trading. As I write, Highway Holdings were trading up more than 38 percent to $2.89 per share on heavy volume of nearly 300,000 shares. This lightly traded stock only averages about 4,000 shares traded per day.
Highway Holdings today announced it has received orders valued at approximately $5.56 million for protective cases for a popular mobile phone from a U.S.-based supplier of these accessories.
The manufacture of protective cases for the initial two-month order has commenced and delivery is expected to be completed within sixty days. Highway Holdings anticipates receiving similar ongoing monthly orders upon achieving full production capacity.
"We are gratified by the confidence of this new customer in our quality and technical capabilities and look forward to developing a long-term business relationship as a key supplier," said Roland Kohl, president and chief executive officer.
He noted that the mobile phone protective cases will be produced by the company's Golden Bright Plastic Manufacturing subsidiary, which was acquired in 2006 and subsequently integrated to further enhance Highway Holdings' manufacturing capabilities.
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies. It also manufactures finished products, such as light fixtures, LED lights, radio chimes and other electronic products.
Highway Holdings is headquartered in Hong Kong, and currently operates with its principal manufacturing facility in Shenzhen and a factory in Wuxi in the People's Republic of China.
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