News: World Reach Limited’s R&D tax refund to fuel new communications product research

World Reach (ASX:WRR) has received a tax refund of $471,395 under the Federal Government’s Research and Development Tax Incentive Scheme.

Proceeds from the refund will be used to fund the company’s ongoing new product research and development program.

The refund relates to the costs of research and development conducted by the company in the twelve months to 30 June 2013.

World Reach had last month noted that it had started production of its Iridium GO product, a new style of satellite communication device providing satellite access via a smartphone.

It expects to deliver 5000 of an initial 10,000 unit order of this product by 30 June 2014, generating revenue of US$1.8 million.

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