Burswood based technology company Wavenet Interntaional Ltd has announced that it has secured an order valued at approximately $3 million for its Wombat vehicle modems, three months after a disappointing order cancellation for almost half that amount.
Wavenet general manager Righard Timms said, in a statement issued by the company this morning, that the order put Wavenet in a strong position for the upcoming finiancial year, with an orderbook in excess of $5 million. The company was aiming to continue with strategic investments and acquisition processes.
The order comes from GeoLogic Solutions, a leading provider of intelligent truck fleet management solutions, which will use them as a part of their tracking and asset management products.
Wavenet shares were up to 13 cents at close of trade today.
The Wavenet statement appears in full below:
Wavenet International Ltd (ASX: WAL) is pleased to announce that it has received a further order for its Wombat vehicle modems
valued at US$2.18m (approximately A$3m)
The order has come from GeoLogic Solutions of Herndon, Virginia in the United States. The modems will be used by GeoLogic as part of its MobileMax™ tracking and asset management products.
Wavenet General Manager Richard Timms said that the order continued the Company's strong relationship with GeoLogic, a leading provider of intelligent truck fleet management solutions.
"This re-order is a credit to the consistent efforts applied by Wavenet to all stages of the product, from hardware and software design, to purchasing, manufacturing and support," said Mr Timms.
"The US market - and asset tracking companies such as GeoLogic - is providing a regular source of revenue for Wavenet."
"With deliveries due to be completed during 2006, the GeoLogic order puts Wavenet in a strong position for FY07 with an order book in excess of A$5m."
Wavenet is continuing with the strategic investments and acquisition process announced in April. Those looking for more information can view the Company's investor presentation on www.wavenet.com.au
