- Strategic partnerships with regional
distributors T.M.S. Engineering in Thailand and S.A. Technology Co., Ltd. in
South Korea reinforce
Quarterhill's strong market presence and dedication to global
transportation innovation.
TORONTO, July 17,
2024 /CNW/ - Quarterhill Inc. ("Quarterhill" or
the "Company") (TSX: QTRH) (OTCQX: QTRHF), a global leader in
transportation technology solutions, announces a total of
$4.9 million in product sales to its
regional partners in Thailand and
South Korea. All Financial
information in this press release is reported in U.S. dollars
unless otherwise indicated.
Through its well-established distributor, T.M.S. Engineering
("TMS"), Quarterhill has successfully secured a $2.8 million agreement to supply its cutting-edge
high-speed Weigh-In-Motion ("WIM") preclearance systems, alongside
vital components, for multiple Ministry of Transportation projects
across Thailand. TMS has also
become Quarterhill's regional distributor for Sensor Line
fiber-optic toll treadle sensors, enhancing customer support for
this product in Thailand. This
strategic move underscores Quarterhill's commitment to improving
road safety, efficiency, and infrastructure resilience in
Asia's emerging markets.
In a parallel development, Quarterhill's dedicated distributor
in South Korea, S.A. Technology
Co., Ltd. ("SAT"), has committed $2.1
million for the procurement of the state-of-the-art IRD-PAT
Bending Plate WIM scales and the versatile SAW portable enforcement
scales. This purchase is a significant step forward in bolstering
weight enforcement systems within South
Korea, reinforcing Quarterhill's footprint in providing
high-caliber transportation and logistics solutions globally.
"We are extremely pleased with these new contracts, which not
only represent significant sales achievements but also affirm our
strong position in Asia," said
Chuck Myers CEO of Quarterhill. "Our partnerships with TMS in
Thailand and SAT in South Korea are instrumental to our success in
the region. This collaboration aligns with our mission to deploy
innovative transportation solutions that cater to the unique needs
of our international clientele."
Quarterhill is dedicated to its role in transforming the global
transportation landscape through technological innovation and
strategic partnerships. With a focus on reliability, accuracy, and
efficiency, Quarterhill's solutions are designed to meet the
rigorous demands of today's transportation infrastructure
challenges. These recent agreements with TMS and SAT further
solidify Quarterhill's reputation as a trusted partner in the
international transportation sector.
About Quarterhill
Quarterhill is a leading provider of
tolling and enforcement solutions in the Intelligent Transportation
System (ITS) industry. Our goal is technology-driven global
leadership in ITS, via organic growth of our tolling and
enforcement businesses, and by continuing an acquisition-oriented
investment strategy that capitalizes on attractive growth
opportunities within ITS and its adjacent markets. Quarterhill is
listed on the TSX under the symbol QTRH and on the OTCQX Best
Market under the symbol QTRHF. For more information:
www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking information and forward-looking statements within
the meaning of applicable Canadian securities laws (collectively,
"forward-looking statements"). Such forward-looking statements
relate to future events, conditions or future financial performance
of Quarterhill based on future economic conditions and courses of
action. All statements other than statements of historical fact
may be forward-looking statements. Such forward-looking statements
are often, but not always, identified by the use of any words such
as "seek", "anticipate", "budget", "plan", "goal", "expect" and
similar expressions.
Forward-looking statements involve known and unknown risks,
assumptions, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. Material risk factors that could
cause actual results to differ materially from the forward-looking
statements contained in this news release include, among others,
demand for Quarterhill's products and services; general economic
and market conditions; competition; risks relating to technological
advances and cyber-security; and other risks set forth in the
Company's most recent annual information form available on SEDAR+
at www.sedarplus.ca. The Company believes the expectations
reflected in the forward-looking statements are reasonable, but no
assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this news
release should not be unduly relied upon. Material factors and
assumptions used to develop the forward-looking statements
contained in this news release include, among others: Quarterhill's
ability to execute on its business plan; demand for Quarterhill's
products and services; operating assumptions; and financial
projections and cost estimates. Quarterhill has no intention, and
undertakes no obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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SOURCE Quarterhill Inc.