Quantify’s Products to be Exclusively Sold by Harvey Norman on the East Coast

  • May 14, 2019 AEST
  • Team Kalkine
Quantify’s Products to be Exclusively Sold by Harvey Norman on the East Coast

Quantify Technology Holdings Limited (ASX: QFY) is a technology group that is involved in the development and sale of hardware and software devices used for managing Internet-enabled devices across Australia. The company creates solutions to make differences in workplace, communities and homes along with cost-effective, simple to install, scalable and extensible fully networked computing framework.

As per the update, Quantify has onboarded Harvey Norman to be its exclusive distributor for the Australian Eastern states, which will include Queensland, Victoria, Tasmania and New South Wales and The Australian Capital Territory.

As per the agreement, Harvey Norman Commercial Division has committed a stocking order of $500K for the next six months, which results in the Quantify Technology’s outstanding purchase orders to be at $1.2 million. In a previous update on 18th July 2018, the company announced that it had completed an onsite installation at the Harvey Norman Commercial Division display suite in Rosebery, Sydney and the sales team of Harvey Norman Commercial Division will actively commence the selling of the products of the company to residential and commercial construction projects.

The CEO of Quantify Technology, Brett Savill, said that the company is delighted that it has made an agreement with Harvey Norman Commercial Division to become the exclusive stockist of the company for the eastern Australian states. HNCD is perfectly placed to deliver significant business-to-business sales with an extensive network of large-scale customers, including developers, builders and architects. The agreement exhibits an important milestone for the partnership between HNCD and Quantify. The companies have been working in tandem, and the growing demand for Quantify’s intelligent building automation products has led HNCD to request sole distributorship on the east coast.

In a recent quarterly update, the company stated that it has signed a Memorandum of Understanding with leading Taiwanese manufacturer, CASwell Inc. to develop processes for the volume manufacturing of the company’s products. After the development of manufacturing processes, the company will seek to appoint CASwell to manufacture products for the domestic and international markets.

On 10 May 2019, the company released to the exchange on signing Limitless Automation as distributor for WA.

On the cash flow front, the company reported cash outflow from operating activities of ~$1.57 million during the quarter ended 31 March 2019. The cash outflow from investing activities stood at ~$0.040 million for the March quarter 2019. However, there was a cash inflow from financing activities of ~$0.669 million, primarily driven by borrowings of ~$0.670 million. The cash and cash equivalents at the end of the quarter stood at ~$1.218 million as compared to ~$2.161 million in the previous quarter.

On the price-performance front, at the time of writing on 14th May 2019, AEST 2:00 PM, the stock of Quantify Technology Holdings Limited was trading at $0.008, down 20% during the day’s trade with a market capitalization of $9.75 million. The stock has yielded a YTD return of 42.86%. Its 52-week high price stands at $0.038 with a 52-week low price of $0.006 and an average trading volume of 3,417,457.


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