ONE Western Australian company is using the global economic slowdown as an opportunity to refocus its business outlook, unveiling a revamped ownership structure prior to releasing an updated version of its flagship product.
Wangara-based TriniTEQ International is a global provider of the WaiterPAD handheld point-of-sale equipment and software to restaurants and hospitality venues.
Originally operating as PalmTEQ and then trading as TriniTEQ Ltd from July 2008, TriniTEQ International was formed in November last year.
TriniTEQ International chairman Chris Higham said TriniTEQ Ltd had been on a restructuring path since August after realising it would be difficult to raise funds in a public environment and recognised a need for a restructuring to make it more profitable.
"TriniTEQ Ltd went through administration...and sold its business interests off to its secured noteholders within the company who established TriniTEQ International," Mr Higham said.
The company spent two years developing its own handheld unit, which had always been a palm device.
"Sourced out of China, it will enable us to have a device to go forward for the next five years or so," he said.
The new Windows-based unit, with radio frequency communication allowing increased unit capability, will begin rolling out of Zhuhai-based NCJ Technologies in July and then distributed to TriniTEQ's 7,000 clients.
"We've got a 2,000-seat outlet in Dubai, and no-one but TriniTEQ could possibly deliver a handheld functionality into an outlet of that size," he said.
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