Mitec wins $18-million supply contract; shares jump

Shares of Mitec Telecom (TSX:MTM)zoomed to yet another 52-week high Friday after it announced an $18-million supply contract.

Mitec shares rose 29 cents to $1.87 in heavy trading on the TSX. The company's stock has almost quadrupled in the last month.

The contract runs for two years and was signed with a global network equipment provider, which Mitec did not name.

Mitec said the agreement is for a "range of CDMA wireless subsystems, primarily for the Chinese market." It said deliveries would begin immediately.

"This win represents the latest success in Mitec's ongoing strategy to secure growth through the introduction of new products, especially in emerging, highly-dynamic markets," Mitec CEO Rajiv Pancholy said in a release.

After the close of trading on Thursday, Mitec announced the closing of a private placement that raised $8.8 million for the company.