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.