Join our daily newsletter At The Bell to receive exclusive market insights
- Vection Technologies (VR1) has received a $300,000 receipt in research and development (R&D) fiscal credits for its overseas spending
- These fiscal credits represent a significant milestone in Vection’s capital initiative strategy to secure a stronger cash position for future growth
- Vection is now progressing with the finalisation of its European Commission Grant, and its Italian Government and Commercial loans
- Vection is up a slight 3.7 per cent and shares are trading for 2.8 cents each
Vection Technologies (VR1) has received a $300,000 receipt in research and development (R&D) fiscal credits for its overseas spending.
Under current legislation, the approval process required assessment and validation by an independent expert of Vection’s Mindesk software suite R&D spending that incurred during the 2018 and 2019 calendar years.
Now that approval has been received, Vection can claim up to $300,000 in fiscal credits.
These R&D fiscal credits represent a significant milestone for Vection’s smart capital initiative strategy to secure a stronger cash position above its international subsidiaries.
This strong cash position, above $1.5 million, will ensure a robust framework for future growth.
“The R&D fiscal credit represents the achievement of a further milestone in the company’s overarching smart capital strategy to ensure a robust framework for future growth,” Managing Director Gianmarco Biagi commented.
“Vection Technologies’ management remains strongly focused on progressing the smart capital strategy, in addition to accelerating its commercial strategy across geographies and industries, in particular the healthcare and automotive segments,” he added.
Vection is now progressing with the finalisation of its other activities. These include a European Commission Grant for $500,000, an Italian Government Loan for up to $2 million, and a commercial loan for $400,000.
Vection is up a slight 3.7 per cent and shares are trading for 2.8 cents each at 12:24 pm AEST.
