- Quantify Technology (QFY) has seen its share price drop by more than 33 per cent today after issuing a recall notice for its blind controller
- In November, the company signed a three-year agreement with Blaq Projects to deliver its smart home devices in at least three developments in NSW
- Unfortunately, Quantify today announced it had discovered a technical issue with its blind controller device and issued a recall notice
- While the exact reason why hasn’t been stated, Blaq has determined these devices are not fit for use and has paused the order and issued a return on the devices
- Quantify is now working on finding a solution to the issues and is confident they can be fixed and once completed the product will be re-evaluated
- Quantify’s share price is still down 33.3 per cent and shares are trading for 0.1 cents each
Quantify Technology (QFY) has seen its share price drop by more than 33 per cent today after issuing a recall notice for its blind controller.
In November, Quantify signed a three-year heads of agreement with property development company Blaq Projects to deliver its smart home devices in at least three developments in NSW.
Quantify’s devices utilise smart home technology and replace standard power outlets and light switches which can be controlled by voice, touch and app.
Unfortunately, Quantify today announced it had discovered a technical issue with its blind controller device and issued a recall notice.
The company’s blind controller allows the user to automate and remotely control the blinds at home and while it isn’t available at the moment it will expand Quantify’s reach both nationally and internationally.
While the exact reason for the recall hasn’t been stated, Blaq has determined these devices are not fit for use and has paused the order and issued a return on the devices that have already been installed.
Quantify will reimburse Blaq for the labour (estimated to be less than $45,000) and the devices (worth $66,000).
The company is now working on finding a solution to the issues and is confident they can be fixed. Once completed, the product will be re-evaluated.
Quantify’s share price is still down 33.3 per cent and shares are trading for 0.1 cents each at 1:29 pm AEST.