Shares of East Coast Diversified Corp. (OTC: ECDC), a holding company with a diversified group of technology companies, have risen sharply in trading today.
At last check, ECDC shares were trading 16% higher at $0.0029 on volume of 17.41 million. The stock gained more than 38% in the last three trading sessions.
Late last month, East Coast Diversified announced that it entered into a five-year Master Distributor agreement worth more than $5 million with Komtelecom in Russia. ECDC signed the agreement through its subsidiary EarthSearch Communications Inc.
The agreement would enable Komtelecom to be ECDC’s exclusive representative in Russia. Komtelecom will also have a non-exclusive representation in 10 other former Soviet Republics.
Under the terms of the agreement, EarthSearch will modify its hardware to use the Russian made Glonass GPS receivers, which work exclusively within the Russian territory and former Soviet Republics.
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