Quantify Technology Holdings Limited (ASX: QFY) is a company from the Information Technology sector and is engaged in developing, as well as selling hardware and software devices used for managing Internet-enabled devices across Australia.
On 10 May 2019, Quantify Technology Holdings Limited announced that it has entered into an agreement with Limitless Automation for the distribution of the products of QFY in Western Australia.
Limitless Automation was founded in 2016 and is a home and commercial automation business that operates from a base in Claremont, WA. Limitless Automation is supervised by a highly experienced pair of directors. It is into the business of designing, as well as delivering home automation solutions and emphasize a strong sales pipeline across the retrofit, new build and renovation markets, with a focus on homes and town houses in Perth.
The partnership between Quantify and Limitless Automation will help the company to grow its market share in Western Australia.
Recently, the company has appointed CASwell Inc., the leading Taiwanese manufacturer, for manufacturing the QFY’s product suite for both the domestic, as well as international markets.
CASwell Inc is a company listed on the Taiwanese Stock Exchange and has a turnover of $200 million. In July 2019, the initial production run of the products of Quantify Technology is expected to be delivered to Australia. The product developed by CASwell Inc will be of the highest quality, volume production capacity for their sales worldwide. This association between QFY and CASwell Inc, would enable QFY to move towards sales and revenue generation opportunities in the extremely important markets of China and Taiwan.
The key part of Quantify’s commercialization strategy has been to source a manufacturing partner, who is capable of scaling with the increase in demand for its products in Australia and abroad.
Based on the Memorandum of Understanding (MoU) signed between Quantify and CASwell on 9 January 2019, CASwell was appointed as the manufacturing partner. Under the MoU, both the parties would be working together to develop the processes required, to undertake the manufacture of the product suite of the company in volume.
The company also notified its investors that the first Purchase Order has been placed, as well as the products will be used to fulfil orders based on its current distributors in Australia.
In the March 2019 quarter, other than signing the MOU with CASwell, the company also received CB Scheme certification for its hardware, after passing the global certification testing in December 2018. The company secured the Final Patent Approval in Mexico during January 2019. Other than Mexico, the company has already received Final Patent Approval in Australia, China, Indonesia, Morocco, the Republic of Korea, Singapore, South Africa, Japan as well as Israel. However, patents in 54 other countries/regions which includes the EU and the USA is still pending.
The company also signed a Heads of Agreement with the Curtain University of Technology for installing the products of Quantify in a living lab in Perth, WA.
During March 2019 quarter, the company used A$1.572 million in its operating activities and A$0.040 million in investing activities. There was a net cash inflow of A$0.669 million through financing activities. By the end of March 2019 quarter, the company has net cash and cash equivalent of A$1.218 million. The company expects a cash outflow of A$1.528 million in the June 2019 quarter.
In the last one month, the stock has generated a return of 16.67%. The shares of QFY last traded at A$0.008 (as on 10 May 2019), up by 14.286% as compared to the previous closing price. QFY holds a Market cap of A$6.82 million and approximately 974.99 million outstanding shares.
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