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Quantify Technology Placed In A Trading Halt

  • October 04, 2018 09:14 AM AEST
  • Team Kalkine
Quantify Technology Placed In A Trading Halt

Quantify Technology Holdings Limited (ASX: QFY) is involved in the operations of developing and selling hardware and software devices for the monitoring and management of Internet enabled devices in Australia. On 4 October 2018, the company announced that the trading of securities of the companies will be temporarily paused. Following this, the company made another announcement stating that the securities of the company will be placed in trading halt in accordance with the ASX listing rule 17.1 as it intends to raise capital in the near term. The company has also released the final interest notice of Mr. Alexander John Pairor and Mr Lee Christensen who will cease to be the director of the company from 4 October 2018. On 27 September 2018, the company announced that the board of the company will undergo a restructure which reflects the company’s plan for domestic and international growth. As the company is entering into a next phase of domestic and international growth the restructured board of directors is expected to provide wealth of knowledge, experience and strategic advice.

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In FY 2018, the company has significantly invested in the development of its Q device to make sure the delivery of premium product throughout Australia. In FY 2018, the company took many successful development efforts to allow integration with Amazon Alexa Voice Service. Recently, the company signed a partnership deed with Cambridge electrical services to revolutionize the smart home and building sector. On 27 September 2018, the company made an announcement stating that it has received and accepted a $736,000 purchase order from Copper Coast Investments, for its revolutionary Q-Device product. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

On the financial front, the revenue of the company increased by 6% in the FY 2018 compared to last year and the net loss of the year decreased by 42% to $6.79 million in FY 2018. The company was having $0.45 million worth of cash in hand in FY 2018 which was $2.89 million in the previous year. The basic and diluted loss per share of the company was $0.01 in FY 2018. The net cash used in operating activities is $5.74 million in FY 2018 which was $3.19 million in FY 2017. The share price of the company has declined by 43.24 percent in the past six months as of 3 October 2018. QFY’s shares last traded at $0.021 with a market capitalization of $11.53 million.

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