Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.

Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.

Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.

"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world," said Charles M. Fernandez, Chairman and CEO of Orbsat. "There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure."