- Telecommunications company, Vonex has received a $630,000 R&D rebate from the Australian government
- Vonex says the rebate was in line with its expectations and is set to continue developing its Oper8tor app which allows users to sync their followers and contacts across different social media, into the one app
- Cash balance for the company following the rebate is $2.84 million
- Vonex is up 13.04 per cent on the Australian Securities Exchange and is selling shares for 13¢ apiece
Vonex has received a research and development (R&D) tax incentive rebate of $630,000 for the 2019 financial year.
The rebate came from the Australian Government’s Research and Development Tax Incentive Program for eligible R&D activities led by Vonex.
R&D tax incentive is a rebate business for developing new products and services. It allows businesses to claim back up to 43.5 per cent of the costs related to research and development.
The refund includes the Oper8tor app, Sign On Glass (channel partner platform) and AMPT software (automated management and provisioning tool).
Vonex is a telecommunications service provider selling mobile, internet and traditional fixed lines. It also develops new technologies which include a feature-rich cloud – hosted by the Private Branch Exchange (PBX) system.
The Oper8tor app is a multi-platform real-time voice, messaging and social media app that allows users to connect with friends, followers and contacts across different social media (facebook, twitter, etc) – all under one app.
“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,” Matt 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,” he added.
Vonex said the rebate was in line with the company’s expectations and will support Vonex’s R&D for the financial year 2020.
Following the refund, the company held cash and cash equivalents of $2.84 million as of October 25, 2019.
Vonex is up 13.04 per cent on the Australian Securities Exchange and is selling shares for 13¢ apiece at 10:33 am AEDT.