Quantify Technology Holdings Limited (ASX: QFY) is an ASX listed information technology company based in Australia. The company is the developer of Truly Intelligent Buildings technology. It has a commercial product called qDevice which does the work of replacing the outlets of standard power and light switches in commercial and home building structures. Due to the use of standard wired Alternating Current (AC) wiring method, it can be easily retrofitted without re-cabling in the existing buildings.
On 2nd May 2019, the company announced that it has appointed CASwell Inc. to manufacture the QFY’s products for both the local and global markets. CASwell will immediately commence the production run of Quantify Technology’s products, with the first production anticipated to be delivered to Australia in July 2019.
CASwell is listed on Taiwanese Stock Exchange (TSX), operating across various countries with offices in Taiwan, United States, Japan and China. It primarily provides designing, engineering and manufacturing services to international leading clients. During December 2014, CASwell joined the world’s largest manufacturing power, Foxconn Technology Group, after being procured by its subsidiary called Ennoconn Corporation.
Foxconn Technology Group and Ennoconn Corporation
Foxconn is one of the biggest Electronic Manufacturing Service companies in the world, renowned for its manufacturing capability, cost-efficiency and superior quality.
Ennoconn is an established designer of Industrial motherboard and provides full hardware system solution to several vertical market applications like kiosk, POS etc.
March 2019 quarter operational highlights
On 30th April 2019, the company has released its detailed operational updates for the March 2019 quarter. A few of the highlights are:
- On 11 February 2019, the Company announced that its intelligent GPO hardware device had passed compliance and it had been issued certification after meeting the global safety standards.
- Since January 2019, the company has received patent approval in Mexico, which already had received final approvals in many countries including Australia, South Africa, Morocco etc. but there are 54 patents still pending in other countries and regions of the world.
- The company has entered into Heads of Agreement with Curtain University of Technology, with the aim to install the Quantify’s products in a living lab in Perth, Western Australia.
- During the quarter, the company had released 163,342,653 ordinary fully paid shares, and 62,115,701 performance shares with other exercisable options.
March 2019 Cashflow statement
On 30th April 2019, the company also released its cash flow statement for the March 2019 quarter. It reported a total cash outflow of A$1.57 million from the operating activities including A$544,000 and A$509,000 being used towards research/development and staff costs respectively.
Net cash of A$40,000 was used toward investing activities, and a total of A$669,000 of cash inflow has been generated from the financing activity, including A$670,000 from proceeds from borrowings. At the end of the quarter, the company reported net cash of A$1.21 million.
The company estimated a total cash outflow of A$1.52 million for the next quarter with the highest cost expected to be incurred on research and development which is estimated at A$647,000.
The stock of the company closed at A$0.009, up by a massive 50% compared to the previous closing of A$0.006, (as on 2nd May 2019).
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