Total
0
Shares
Quantify Technology (ASX:QFY) - CEO, Brett Savill - The Market Herald
CEO, Brett Savill
Source: Hot Copper
  • Quantify Technology (QFY) has seen its share price drop by more than 33 per cent today after issuing a recall notice for its blind controller
  • In November, the company signed a three-year agreement with Blaq Projects to deliver its smart home devices in at least three developments in NSW
  • Unfortunately, Quantify today announced it had discovered a technical issue with its blind controller device and issued a recall notice
  • While the exact reason why hasn't been stated, Blaq has determined these devices are not fit for use and has paused the order and issued a return on the devices
  • Quantify is now working on finding a solution to the issues and is confident they can be fixed and once completed the product will be re-evaluated
  • Quantify's share price is still down 33.3 per cent and shares are trading for 0.1 cents each

Quantify Technology (QFY) has seen its share price drop by more than 33 per cent today after issuing a recall notice for its blind controller.

In November, Quantify signed a three-year heads of agreement with property development company Blaq Projects to deliver its smart home devices in at least three developments in NSW.

Quantify's devices utilise smart home technology and replace standard power outlets and light switches which can be controlled by voice, touch and app.

Unfortunately, Quantify today announced it had discovered a technical issue with its blind controller device and issued a recall notice.

The company's blind controller allows the user to automate and remotely control the blinds at home and while it isn't available at the moment it will expand Quantify's reach both nationally and internationally.

While the exact reason for the recall hasn't been stated, Blaq has determined these devices are not fit for use and has paused the order and issued a return on the devices that have already been installed.

Quantify will reimburse Blaq for the labour (estimated to be less than $45,000) and the devices (worth $66,000).

The company is now working on finding a solution to the issues and is confident they can be fixed. Once completed, the product will be re-evaluated.

Quantify's share price is still down 33.3 per cent and shares are trading for 0.1 cents each at 1:29 pm AEST.


Subscribe


QFY by the numbers
More From The Market Herald
Nuheara (ASX:NUH) - CEO & Managing Director, Justin Miller - The Market Herald

" Nuheara (ASX:NUH) fulfils backorders for smart hearing device

Nuheara (NUH) has fulfilled all outstanding backorders for its flagship product, the IQbuds MAX.
ClearVue Technologies (ASX:CPV) - European CEO, Dieter Moor - The Market Herald

" ClearVue Technologies (ASX:CPV) appoints CEO to lead Europe expansion

ClearVue Technologies (CPV) has appointed Dieter Moor as its European CEO, effective from May 1, 2021.
4DS Memory (ASX:4DS) - Non Executive Chairman, Drs Wilbert van den Hoek - The Market Herald

" 4DS Memory (ASX:4DS) strengthens patent portfolio in December quarter

Over the December quarter, 4DS Memory (4DS) strengthened its patent portfolio and made a number of other technological advances.
Archer Materials (ASX:AXE) - CEO, Mohammad Choucair - The Market Herald

" Archer Materials (ASX:AXE) awarded first patent for 12CQ chip

Archer Materials (AXE) has been awarded its first patent for its 12CQ quantum computing chip technology.