VANCOUVER - PhotoChannel Networks Inc. (TSXV:PN) has developed a deal to operate the Costco online phone service in the United States.
Shares in PhotoChannel, which already provides developing services for Costco Canada, jumped as much as 25 per cent on the news.
The Vancouver-based company said it has an agreement in principle with Costco USA to connect all of the retailer's American locations and enable its customers to upload pictures and order prints, greeting cards, calendars and other items.
PhotoChannel said the two sides are finalizing the terms of the arrangement.
The company, founded in 1995, performs similar photofinishing functions for other retailers including Wal-Mart Canada and the CVS and Rite Aid pharmacy chains.
Its stock spiked as high as $4.50 and was up 62 cents or 17 per cent to $4.20 at midafternoon on the TSX Venture Exchange, with a 52-week range between $5.77 and $2.31.
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