Quarterhill Announces $4.9 Million in Transportation Technology Product Sales in Thailand and South Korea
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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.
