Bluechiip Ltd (BCT.AX) December 2018 Quarterly Report

Bluechiip Limited (Bluechiip or the Company) (ASX:BCT) today released its quarterly cash flow report for the period ended 31 December 2018.

ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2018

Highlights during the quarter

- Commenced monthly delivery of readers and chips to Labcon with sales revenue of $117k in the December quarter 2018 following Labcon's updated US$11.9m development and supply agreement in prior quarter.

- Scaling to meet customer orders, including to Labcon.

- Continued expansion of the pipeline with 32 developer kits and agreements in market.

- Fully repaid $0.6m R&D Advance Facility.

- Cash balance stands at $5.670m as at 31 December 2018 with no borrowings.

Business Progress Update

In December the first of our ongoing monthly deliveries under the revised agreement with Labcon North America's (Labcon) purchase orders was made. This was following the updated development and supply agreement on 29 August 2018 for a three-year term to supply chips, readers, software and engineering services worth US$11.9m ($15.9m).

Bluechiip has progressed transfer to production of the multi vial reader and hand-held reader and continued scaling the Bluechiip supply chain. With Labcon's Coldpoint Bluechiip Enabled Range moving into full production, deliveries are expected to accelerate over the coming 2 quarters.

Bluechiip continued to progress and pursue partnerships with 32 developer kits and agreements with potential partners in North America, Europe and Asia increasing our pipeline of opportunities.

To view the full report, please visit:
http://abnnewswire.net/lnk/5C09T6U2

Andrew McLellan
Managing Director / CEO
Bluechiip Limited
Ph: +61-457-823-470 
Email: andrew.mclellan@bluechiip.com

Media
Richard Allen
Ph: +61-3-9915-6341
Oxygen Financial PR
Email: richard@oxygenpr.com.au

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