By PAUL PANCKHURST
Wellington Drive Technologies, so far profit-free, claims to be gaining traction in world markets, but managing director Ross Green won't say when the red will turn black.
The electric motor designer is citing orders from large manufacturers overseas for "proof of concept" motors.
Listed on the Stock Exchange
in February last year, the North Shore-based Wellington Drive makes innovative brushless motors for appliances such as fans, air filters and air-conditioners.
Investors have waited years for a sales breakthrough. Expected large-scale licensing payments failed to materialise, and the company was forced to raise $1.5 million in capital this year to press on.
Now, Wellington Drive has a rejigged business strategy and is prepared to take a greater role in manufacturing.
It also has a good-news Machine running hot.
Over the past three weeks, three statements from the company have highlighted new overseas orders.
However, the announcements are sparse on detail, citing non-disclosure agreements.
The two "proof of concept" orders announced this week were described as coming from separate divisions "of a large manufacturer of domestic appliances" in an unnamed country.
Green said the announcements aimed to let small shareholders know "we're not dead, although we keep our mouth shut most of the time" and, "we're actually getting a bit of traction".
First listed at 81c, the company's shares went as low as 20c in March after it posted a larger-than-expected half-year loss of $1.27 million, and disclosed sales for the period of only $164,000. It closed yesterday at 37c.
