Join our daily newsletter At The Bell to receive exclusive market insights
- Quantify Technology (QFY) has provided an update on its planned merger with GSM Innovations, which owns the Zimi brand
- QFY shareholders will be asked to sign off on the merger next week, with a $4 million capital raise also planned
- Ahead of the shareholder meeting, GSM-I advises that Trader has placed an order for 10,000 Zimi brand smart devices
- Beacon Lighting (BCN) is also installing the devices in one-third of its flagship stores
- At the end of October, there were over 5000 active devices on the Zimi cloud network in over two thousand homes across Australia
- Shares in Quantify are currently trading flat at 0.3 cents each
Quantify Technology (QFY) has provided an update on its planned merger with GSM Innovations and its Zimi brand.
The company first announced it was planning to merge with the privately-owned business back in October.
The merger will need to be signed off on by QFY shareholders at a meeting next Monday, November 30, with a $4 million capital raise also planned.
Ahead of the meeting, GSM-I has released an update on Zimi’s performance over the last few months.
The business advises that electrical wholesaler Trader has recently placed an order for 10,000 Zimi brand smart devices.
Zimi currently offers Powermesh multi-purpose switches, power points, light dimmers, fan controllers & garage door devices.
All 10,000 Zimi units are due to be delivered in the first quarter of 2021 and will count as revenue.
Beacon Lighting (BCN) has also begun installing some of the smart devices in one-third of its flagship stores across Australia, while also making it available via its online stores.
At the end of October, there were over 5000 active devices on the Zimi cloud network in over two thousand homes across Australia.
To date, though, there have been no sales through the Beacon and Steel-line Garage Doors partner channels, but that growth rate is expected to accelerate.
Shares in Quantify Technology are currently trading flat at 0.3 cents each at 12:05 pm AEDT.
