Shares of Marine Drive Mobile Corp. (OTC: MDMC), a San Francisco-based company focused on transforming the online deal space by giving businesses a totally free online advertising platform, are soaring in trading today.
At last check, MDMC shares were trading 18.03% higher at $0.419 on above average volume of 5.17 million. The stock has now gained 40% in the last three trading sessions.
MDMC shares are soaring in trading today after the company announced that it entered into a Joint Venture Agreement with Pay2Gate LLC to develop an m-commerce payment gateway platform.
Colin MacDonald, President and CEO of Marine Drive Mobile, said that implementing MDMCâ€™s own payment gateway for mobile devices should reduce the need to pay higher fees to competing financial gateway companies. MacDonald said that since MDMC will be developing the technology, it will not have to pay any licensing fees to use the payment gateway platform, and the company will also get a preferred transaction rate.