Total
0
Shares
Vection Technologies (ASX:VR1) - Managing Director, Gianmarco Biagi
Managing Director, Gianmarco Biagi
Source: Vection Technologies
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

VR1 by the numbers
More From The Market Herald
Damstra (ASX:DTC) - Chairman, Johannes Risseeuw

" Damstra (ASX:DTC) completes $18m TIKS Solutions buy

Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.
Adveritas (ASX:AV1) - Cofounder and CEO, Matthew Ratty

" Adveritas (ASX:AV1) sees TrafficGuard integrate with Google Cloud Marketplace

Adveritas (AV1) has seen TrafficGuard officially accepted and integrated into the Google Cloud Marketplace.
DXN (ASX:DXN) - CEO, Matthew Madden

" DXN (ASX:DXN) signs third contract with SUB.CO

DXN (DXN) has singed a third contract with SUB.CO for additional works as part of the Oman Australian Cable System.
Structural Monitoring Systems (ASX:SMN) - Chairman, William Rouse

" Structural Monitoring Systems (ASX:SMN) shareholders seek vote to sack directors

Two directors of Structural Monitoring Systems (SMN) are at risk of being removed from the company’s board after shareholders this week called for