Current Investments
QRSciences Holdings Ltd (“QRS”)
HCFII completed its third investment on 4 May 2009, with a PIPE (Private Investment in Public Equity) into ASX listed QRS. After initially making a loan of $1.2m, HCFII subscribed for a placement and underwrote a rights issue to obtain a 23% holding of ordinary capital in the business at a cost $2.2m. It is anticipated that there will be further opportunities to increase this holding over time.
QRS, founded in 1997, specializes in the design, development, marketing and distribution of security products and solutions, in particular the sale of closed circuit television (CCTV) related products. With the acquisition of its distribution arm established in 2005, QRS currently has 40+ employees. Additionally, it has a 27.6% share in US listed Spectrum Inc and has US$800k in convertible notes (which on conversion would increase QRS’s equity share to 33%).
QRS’s/Spectrum’s proprietary products include a range of scanning devices which are in commercial use around the world. It has warehouse and sales facilities in Melbourne, Sydney, Brisbane and Perth, an office in US and distribution agreements in NZ. Products supplied include a full range of high quality CCTV & security screening products, including cameras, video switching, recording, network video x-ray, metal detection and peripherals. They also supply a number of international brands in addition to their own products.
The Company's shares trade on the Australian Stock Exchange under the trading symbol QRS and in the U.S. over-the-counter (OTC) market via American Depository Receipts (ADR's) under the code of QRSNY.
