TORONTO, April 8,
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 it has completed the previously announced
acquisition of Red Fox I.D. Limited
("Red Fox").
Based in Haddenham, England,
Red Fox is a profitable and growing provider of Automatic Vehicle
Detection and Classification ("AVDC") software to the tolling
industry. AVDC is responsible for the detection, classification and
tracking of a vehicle as it enters and exits a tolling facility.
Red Fox's Quantum software platform is able to process captured
data from both LiDAR and "in pavement" inductive loops, making it
unique in the market and at the forefront of advanced AVDC
solutions.
"The Red Fox transaction met both our strategic and financial
criteria for an acquisition, and we are pleased to welcome their
team to Quarterhill," said Chuck
Myers, CEO of Quarterhill. "Red Fox is a leader in AVDC
software, and their products are an ideal fit with our increasing
focus on technology as a differentiator in the market. We expect
the acquisition to be immediately accretive to cash flow and
Adjusted EBITDA, and we look forward to investing further in their
product platform and capabilities."
For more information on Red Fox, visit www.redfoxid.co.uk
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. In particular, this news release contains
forward-looking statements pertaining to, but not limited to, the
following: the Company's business plan; anticipated financial and
operational results of Red Fox; integration of Red Fox into the
Company's business; future investment in the Red Fox product
platform; and the impact of the Red Fox acquisition on
Quarterhill's financial results.
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; stock exchange approval of
the Red Fox acquisition; successful integration of Red Fox; 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.
