NEW YORK (TheStreet) -- Shares of Forward Industries  (FORD - Get Report)  are higher by 35.53% to $1.56 on heavy trading volume on Wednesday afternoon, as the company announced it has signed an agreement for a three-year extension to its current deal with a global healthcare provider.

"This agreement from another major player in the industry emphatically reflects Forward's ability to consistently provide a quality compliant product on a timely basis. I am extremely delighted that we continue to uphold our extremely high quality performance ratings from all our multi-national clients - and despite a very challenging, highly regulated and competitive market landscape we continue to be the preferred supplier of choice within the diabetics' custom cases industry," CEO Terry Collins said in a statement. 

The name of the healthcare provider, as well as the financial terms of the deal were not disclosed. 

Forward Industries operates in the design and distribution of carry and protective solutions, primarily for hand held electronic devices. The company's offerings include Diabetic products among other devices.

About 2.64 million of the company's shares were traded so far today vs. its average volume of 47,219 shares per day.

Separately, TheStreet Ratings rates this as a Sell with a ratings score of D+. This is driven by several weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks TheStreet Ratings covers. 

Among the areas we feel are negative, one of the most important has been poor profit margins.

TheStreet Ratings objectively stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: FORD