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Nighthawk (OTC BB: NIHK) Inks Deal With Vermont Based Utility

Nighthawk has been a little off the radar screen of late as we wait for their distribution agreement with Verizon Wireless to start gaining traction. For those who need a refresher course, NIHK has developed a line of products which have the ability to remotely turn any electrical device on or off. The switching mechanism can take many forms- it can be done on the internet, a cell phone, a telephone line, or any manner of wireless device. The technology runs on the same platform that pagers run on.

NIHK has generated a lot of great product recognition and some early sales, but in 2005 delivered a rather anemic year. However, there is clear evidence that their product line is both robust and needed. Evidence came in the form of the distribution agreement they inked earlier this year with behemoth Verizon Wireless. Verizon's sales force is ramping up to add Nighthawk's product lines for utilities. A system wide integration for a major utility would involve retrofitting every meter. Verizon Wireless loves the technology because it makes use of their pager network.

The stock has been very hot this year, starting out at $.04, making a high of $.16, and currently trading at about $.11. The OTC Journal kicked off coverage at a little under $.10, so it's way too early to consider taking a profit in this idea.

In fact, it might be a good time technically to add to or open your first position. As you can see from the chart, NIHK has pulled back to the first level of support- the 38.2% retracement level. This is generally a good pullback level to be accumulating. A bounce off these levels should come if the company can deliver news of increasing sales.

To that end, NIHK was out with news today concerning a sale to an ongoing relationship. Central Vermont Public Service ordered 300 remote control devices to be used in their ongoing load control program. The Nighthawk controls will be installed at customer premises and will allow CVPS to control residential, 30 amp loads, primarily water heaters. CVPS has been ordering Nighthawk products since 2002, and this past October ordered similar units to remotely control loads of up to 200 amps at commercial sites that use large amounts of electricity.

Once orders start to flow from the Verizon Wireless connection, I would expect this stock to trade up dramatically. While we wait, accumulating on pull backs is the order of the day.

Here is the complete text of today's news for your review:
 

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