- Red Fox wins an award for
Innovation and another for excellence in International
Trade
TORONTO, May 6, 2024
/PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company")
(TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and
enforcement solutions in the Intelligent Transportation System
("ITS") industry, announces that its wholly-owned subsidiary, Red
Fox ID Limited ("Red Fox"), has been recognized twice by the King's
Awards for Enterprise ("King's Awards). The King's Awards are the
UK's most prestigious business award, recognizing outstanding
achievement by UK businesses in the categories of innovation,
international trade, sustainable development and promoting
opportunity through social mobility since 1965.
Red Fox is known for its
cutting-edge Automatic Vehicle Detection and Classification
("AVDC") technology, essential for modern road user charging
applications. The company's significant overseas market presence
and exceptional growth in international sales over three years have
earned them the King's Award for International Trade. Additionally,
Red Fox's technological prowess,
demonstrated by the Quantum system—a synergy of real-time data
interpretation software and LiDAR sensors—has warranted the
Innovation award. This system has substantially enhanced tolling
efficiency and accuracy, reflecting the company's dedication to
research and development.
"The whole of the Red Fox team
is thrilled at the news that we are to receive two prestigious
King's Awards for Enterprise, one for Innovation and the other for
International Trade. This is a true testament to the
entrepreneurial spirit and ingenuity of our business," said
Steve Bird, CEO of Red Fox.
Chuck Myers, CEO of Quarterhill,
expressed enthusiasm about the recent acquisition and its potential
impact: "The integration of Red
Fox's AVDC technology into Quarterhill's suite of tolling
solutions marks a transformative step in our mission to
revolutionize transportation systems globally. We are now uniquely
positioned to offer unprecedented vehicle detection and
classification accuracy, a key differentiator with strong appeal to
toll authorities and roadway operators worldwide."
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.
