Vonex strengthens its cash position
Vonex Limited (ASX:VN8) announced today that it had received a an R&D Tax Incentive rebate of $0.63 million for the financial year 2018/2019 that further strengthens its balance sheet.
Following receipt of the rebate Vonex now has a cash balance of $2.84 million.
The telecommunications innovator received the rebate from the Australian Government’s Research and Development Tax Incentive Program, which is for eligible R&D activities conducted by Vonex.
The money will go towards commercialising its research and development work, particularly with regard to the Oper8tor App, SignOnGlass (Channel Partner Portal), and AMPT Software (Automated Management and Provisioning Tool).
The money will support the company’s FY20 initiatives.
“Vonex has a long and successful history in the area of R&D works within the telecommunications industry and the Company will continue to invest in these projects into the future,” Vonex CEO Matt Fahey said.
“The R&D tax rebate bolsters our financial position while we work our way through several developments, chief among them our highly anticipated Oper8tor aggregated communications platform.”
Recently, Vonex surpassed 34,000 registered active subscribers to its cloud-based phone system platform.
The primary driver for this increase is the migration of services from its competitors to Vonex Private Branch Exchange (PBX) services.
With Vonex looking to penetrate the multi-billion dollar Australian telco services market for SMEs, the company believes that registered users of PBX connections are a key indicator of business development progress.