Norwood Systems Receives R&D Tax Offset Funding

Sharing Economy’ and ‘Communications as a Service’ pioneer Norwood Systems Ltd (Norwood or the Company) (ASX: NOR) confirm that the draw down on part of an R&D tax offset funding agreement.

The Company noted in the most recent quarterly report that it had in place an undrawn, approved facility available which allows the Company to receive advance funding on its expected FY2018 R&D rebate. Norwood has now chosen to utilise this facility, receiving advance funding on the expected FY2018 R&D rebate for the first six months of FY2018.

Norwood has so far received $356,395 pursuant to the funding agreement, representing 80% of the conservatively estimated R&D tax offset for the six-month period ending 31 December 2017. Norwood has a good track record of successfully securing raising working capital to fund its growth and remains confident of its ability to raise further funding to accelerate growth as required. Norwood is also confident that the relationships with RAC, Visa, Affinion, Oracle and CommSys, in addition to the deal with JMP and collaborations with Compliance partnerssigned during the current and previous quarter, will allow the Company to gain momentum over the coming quarters.


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