Romanian technology company Visual Fan, operating under the Allview brand, said on Thursday it has signed a 10 million lei (2.02 million euro) research and development contract with Headlight Solutions, according to See News.
“According to the contract, the two companies aim to create a final product that will include complete software and hardware solutions,” Visual Fan said in a filing to the Bucharest Stock Exchange, BVB.
The project is expected to be completed in 2022 and Visual Fan will finance the project through a short-term credit.
Visual Fan started trading on the alternative market of the Bucharest Stock Exchange in July. The listing was preceded by a private placement in April through which Visual Fan raised 15.5 million lei.
Allview, founded in Brasov in 2002, manufactures smartphones, smart home systems, tablets, laptops and other gadgets.
The company posted a net profit of 23.3 million lei in 2020, sharply up from 1.8 million lei the year before. Its revenues increased to 406.4 million lei last year, compared with 93.3 million lei in 2019.