PeopleString Corp. (OTC: PLPE), operator of an incentive-based social network that allows users to aggregate and share the revenue generated from their online communication and social networking through its website, has seen a sharp rise in its shares today.
PLPE shares rose to an intra-day high of $0.13 today. At last check, the stock was trading 39.06% higher at $0.118 on above average volume of 4.29 million.
So what is pushing PLPE shares higher today?
The rally in PLPE shares was sparked after the company announced the receipt of Notice of Acceptance from USPTO for “Share it Up” and PeopleString” trademark applications and Notice of Publication for “Cost Per Share” trademark application.
According to Darin Myman, President and CEO of PeopleString, the trademarks are significant additions to PLPE’s social media intellectual property.
Last week, PeopleString also announced that it signed a letter of intent to purchase 51% of BiLo Media Inc., a provider of discount pre-paid gasoline cards. PLPE will acquire 51% of BiLo Media in exchange for ten million shares of PLPE’s restricted common stock. The transaction is subject to completion of satisfactory due diligence and approval from the board of the two companies.
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