QRSciences sells Perth base for $162k

22/04/2010 - 11:53

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Security technology outfit QRSciences Holdings is set to sell its loss-making Perth subsidiary to US company, Rapiscan Systems Inc, for $US150,000 ($A162,069) cash.

Security technology outfit QRSciences Holdings is set to sell its loss-making Perth subsidiary to US company, Rapiscan Systems Inc, for $US150,000 ($A162,069) cash.

Melbourne-headquartered QRSciences said today it had entered into an agreement to sell the research and development business assets and intellectual property, QRSciences Pty Ltd, to Rapiscan.

The Perth business specialised in the design, development and sale of technology systems, components and software for security related applications.

Payment for the sale is due by the end of the month.

QRSciences said the sale will enable the company to exit a business which had been cash-flow negative for a number of years.

"The sale of the R&D business assets is another step that demonstrates that QRS is effectively implementing its stated strategy to exit noncore assets in order to refocus the Company on profitable businesses in Australia that have good growth prospects which are capable of enhancing shareholder returns," chief executive Rick Stokes said.

QRSciences had started out in Perth as a technology company that catered for minerals and land mine detection.

It then moved to aviation security systems in 1999 and was taken over by QR Holdings in 2005.

The company continued to develop technology in Perth before it started to shift its corporate base to Melbourne in 2007.

Shares in QRSciences climbed half-a-cent to six cents at 13:32 AEST.

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