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Wavenet customer cancels $1.25m order

Burswood-based technology company Wavenet International Ltd announced today that it had received a cancellation notice for its most recent Automatic Vehicle Locations (AVL) order for $1.25 million (announced 15 March) due to a change in circumstances for the customer.
Wavenet chairman Edward Stroud said the order cancellation was through no issue relating to Wavenet, but rather due to a change in the customer's proposed future wireless infrastructure.
"While the cancellation of this order is disappointing, it is reassuring to know that we are continuing to see strong demand for our modems in the Vehicle Tracking market, particularly in the US. We look forward to continuing to work with this customer in the future." said Mr. Stroud.
At noon WST, shares in Wavenet had fallen 1 cent to 17 cents.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Share Transactions

13/03/15
$382k Issued
24/08/12
$19k Bought
25/07/12
$240 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

171st↓Wavenet International$239k
191st↓MMJ PhytoTech$76k
192nd↓Queste Communications$76k
194th↓4DS Memory$58k
195th↓BARD1 Life Sciences$54k
239 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Wavenet International

309thMick Stroud$371k
1472ndGregg Freemantle$7k
1487thStuart Becker$2k
Ranked by total remuneration from all listed WA companies

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