Quantify Technology Holdings Limited (ASX: QFY), a company from the technology hardware and equipment sector which is into the business of creating ‘simple to install’ and affordable Internet of Things used widely for IoT solutions, announced that it had signed the Memorandum of Understanding with CASwell Inc, which provides design, engineering, and manufacturing service. Through this Memorandum of Understanding, CASwell will support QFY in developing the processes for the bulk manufacturing of the Company’s products.
Further, the company has plans to target the Australian and International markets for its product suite. For this, the company will be appointing CASwell and the affiliated companies of the Foxconn Technology Group. QFY has plans to scale its product suite in the Australian market and the international market, and the company selected CASwell as its manufacturing partner. Appointment of CASwell as a manufacturing partner to scale its product suite as per the demand in Australia and internationally is a crucial step of QFY towards the commercialization strategy.
CASwell, through its own business, as well as through its associate companies, i.e., Ennoconn Corporation and Foxconn Technology Group will help in fast-tracking the commercialization strategy of QFY. For CASwell, this MoU will open new opportunities with QFY’s where they are planning to develop distribution channels in Taiwan and mainland China for its products.
Brett Savill, who is the CEO of Quantify Technology is pleased to have CASwell as its manufacturing partner, and through the assessment of CASwell’s manufacturing and other capabilities, he states that both the parties make a great partner and wished them good luck and expects their relationship to flourish in future.
The official listing of Quantify Technology Holdings Limited on ASX was 10 September 2007, and its performance was consistently negative. In 10 year, the performance of QFY was -99.97%. The past one-year performance of QFY was -85.67%.
For the financial year 2018, which ended on 30 June 2018, due to increased operating expenses, QFY made a net loss of $6,790,579. The balance sheet of QFY by the end of 30 June 2018 appears healthy with a net asset base of $8,697,356 and a debt to equity ratio of 0.152. It highlights that the company is financially sound in clearing its long-term debt. Lower debt to equity ratio indicates that the company during the period has used its resources and assets in case of any financial needs. QFY has a total current asset of $2,182,543 and a total current liabilities of $1,306,076 which indicates that the company can efficiently manage its working capital requirement and short-term debts. By the end of the fiscal year, QFY had net cash and cash equivalent of $450,711.
The signing of the MoU and its and its commercialization strategy has a positive influence on the investors where one can expect growth shortly. As a result, the share price of QFY increased by 14.286%. At present, the market price of QFY's share is A$0.008 (AEST: 3:31 pm, 10 January 2019) with the market capitalization of A$6.82 million.
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