Security technology company QRSciences Holdings (ASX:QRS) has agreed to sell its R&D business, QRSciences Pty Ltd, to US vendor Rapiscan Systems for US$150,000 ($161,700).
The company divested the unit as part of its business restructuring plan, CEO Rick Stokes said. The subsidiary has been bleeding money for a number of years.
“The sale… is another step that demonstrates that QRS is implementing its stated strategy to exit noncore assets in order to refocus on profitable businesses in Australia that have good growth prospects,” he said.
The transaction will be completed by no later than April 30.