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Vonex Limited (ASX:VN8) - Managing Director, Matt Fahey - The Market Herald
Managing Director, Matt Fahey
Source: WA Business News
  • Vonex (VN8) has announced it is seeking new financial and technical partners after pulling the plug on research and development for its Oper8tor app
  • VN8 deems this a 'new phase' for the Oper8tor project after identifying a potential opportunity for its use as a sales workforce monitoring tool
  • The move has triggered the subsequent resignation of Oper8tor CEO, Angus Parker, who says he will remain as a shareholder
  • It is hoped identifying and engaging the right technical and financial partners will guide Oper8tor's further development and commercialisation, however exact details of the next steps have not yet been disclosed
  • A company statement says Vonex intends to maintain good standing in all intellectual property patents
  • Investors have responded somewhat coldly to the announcement, with VN8 shares down 6.25 per cent

Vonex (VN8) has announced it is seeking new financial and technical partners after pulling the plug on research and development for its Oper8tor app.

VN8 says it changed tack after identifying an opportunity for Oper8tor's use as a sales workforce and performance monitoring tool.

VN8 will halt capital investment into the product and instead look to identify and engage appropriate technical and financial partners as part of the project's "new phase".

It is hoped identifying and engaging the right partners will guide Oper8tor's further development and commercialisation, however further details of these next steps have not yet been disclosed.

A company statement says Vonex intends to maintain good standing in all intellectual property patents but does not anticipate committing further capital to the project.

The transition has prompted the resignation of Oper8tor's Chief Executive Officer, Angus Parker.

The decision was made in mutual agreement according to a company statement and Angus will remain as a Vonex shareholder.

The former CEO says it has been a great privilege to lead the team.

"Although I now wish to pursue outside business interests, I remain
confident that the unique technology developed will see Vonex continue to execute with drive and enthusiasm on the strategy that its board and management have devised," he commented.

Vonex shares are down 6.25 per cent this morning, trading at 22.5 cents each at 11:50 am AEDT.


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