Volt Power‘s Subsidiary Wescone Signed An OEM Distribution Agreement With IMP

  • Mar 29, 2019 AEDT
  • Team Kalkine
Volt Power‘s Subsidiary Wescone Signed An OEM Distribution Agreement With IMP

Volt Power Group Limited (ASX: VPR) is a power generation and infrastructure asset/equipment developer. The company recently announced that its wholly owned subsidiary, Wescone Distribution Pty Limited has signed an exclusive OEM distribution agreement with IMP Automation for Africa.

IMP is known as a global leader in robotic and automated sampling systems design and supply and it has a successful track record of developing and deploying its innovative sample processing technologies throughout the global resources sector.

Wescone is the owner of the proprietary and unique W300 sample crusher which are installed in the port loading and assay systems in the global iron ore industry and metallurgical laboratory sector.

While commenting on the distribution agreement, Volt CEO & Managing Director, Mr. Adam Boyd informed that “Wescone has supplied its unique Wescone W300 series sample crusher to IMP Automation for integration into IMP sampling system installations for a period exceeding 10 years. “

This IMP distribution agreement will allow the sale, service and repair of all Wescone sample crushers and components in Africa. Further, this agreement is a positive endorsement of the performance capability of Wescone crushing solutions.

During 2018, Wescone generated positive cashflow albeit below the business’ historical positive cashflow performance. Wescone’s largest customer BHP had advised Wescone in September 2018 that it had elected to use a third-party to perform future ongoing service repairs on BHP’s existing W300 fleet. Wescone had advised BHP of the New W300 sample crusher and the enhanced performance specifications and it has also offered to “free issue” BHP with a New W300 to conduct a trial to demonstrate the New W300’s enhanced technical performance.

Recently the company’s 50% owned subsidiary, EcoQuip Australia Pty Limited (EcoQuip) signed an Exclusive Cross Hire Distribution Alliance with RSEA Pty Limited for the distribution of EcoQuip’s Mobile Solar Light Towers (MSLT).

Volt Power is trying to maximise the Wescone earnings performance by focusing on existing and new customer service delivery, enhancing the W300 equipment performance capability and the businesses distribution reach internationally via the establishment of formal distribution partners. As at 31 December 2018, Volt Power had cash reserves exceeding $1.2 million. For 12 months ended 31 December 2018, Volt Power reported revenues from ordinary activities of $1.687 million and a loss of $4.51 million. As at 31 December 2018, Volt Power had total current assets of $1.915 million and total current liabilities of $0.477 million.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $0.001 with a market capitalisation of ~$8.24 Million as on 29 March 2019 (AEST 2:33 PM). The stock has provided a year till date return of -25.00%, however, in the past one month, the share price of the company increased by 50% as on 28 March 2019. It had a 52-week high price of $0.004 with an average volume of ~ 3,736,968.


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