- Strategic partnerships with regional distributors T.M.S. Engineering in Thailand and S.A. Technology Co., Ltd. in South Korea reinforce Quarterhill's strong market presence and dedication to global transportation innovation.
TORONTO, July 17, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), a global leader in transportation technology solutions, announces a total of $4.9 million in product sales to its regional partners in Thailand and South Korea. All Financial information in this press release is reported in U.S. dollars unless otherwise indicated.
Through its well-established distributor, T.M.S. Engineering ("TMS"), Quarterhill has successfully secured a $2.8 million agreement to supply its cutting-edge high-speed Weigh-In-Motion ("WIM") preclearance systems, alongside vital components, for multiple Ministry of Transportation projects across Thailand. TMS has also become Quarterhill's regional distributor for Sensor Line fiber-optic toll treadle sensors, enhancing customer support for this product in Thailand. This strategic move underscores Quarterhill's commitment to improving road safety, efficiency, and infrastructure resilience in Asia's emerging markets.
In a parallel development, Quarterhill's dedicated distributor in South Korea, S.A. Technology Co., Ltd. ("SAT"), has committed $2.1 million for the procurement of the state-of-the-art IRD-PAT Bending Plate WIM scales and the versatile SAW portable enforcement scales. This purchase is a significant step forward in bolstering weight enforcement systems within South Korea, reinforcing Quarterhill's footprint in providing high-caliber transportation and logistics solutions globally.
"We are extremely pleased with these new contracts, which not only represent significant sales achievements but also affirm our strong position in Asia," said Chuck Myers CEO of Quarterhill. "Our partnerships with TMS in Thailand and SAT in South Korea are instrumental to our success in the region. This collaboration aligns with our mission to deploy innovative transportation solutions that cater to the unique needs of our international clientele."
Quarterhill is dedicated to its role in transforming the global transportation landscape through technological innovation and strategic partnerships. With a focus on reliability, accuracy, and efficiency, Quarterhill's solutions are designed to meet the rigorous demands of today's transportation infrastructure challenges. These recent agreements with TMS and SAT further solidify Quarterhill's reputation as a trusted partner in the international transportation sector.
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: www.quarterhill.com.
Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements relate to future events, conditions or future financial performance of Quarterhill based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "goal", "expect" and similar expressions.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Quarterhill Inc.
