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- Defence product company XTEK (XTE) has secured a $2.5 million loan to mass-produce ballistic helmets
- XTEK has successfully created the next-generation helmet for the western military and homeland security forces
- However, the company will need to manufacture these helmets in large volumes
- Due to this, the company will be upgrading its manufacturing facility in Adelaide
- XTEK is making good progress with its international customers and the first commercial order for its ballistic helmets is expected in the near term
- On market close, XTEK is up 11.7 per cent and is selling shares for 62 cents each
Defence product company XTEK (XTE) has secured a $2.5 million loan to mass-produce ballistic helmets.
The loan has been accepted by Commonwealth Bank of Australia.
XTEK has successfully created the next-generation hemet for the western military and homeland security forces. However, the company will need to manufacture these helmets in large volumes.
Due to this, the company will be upgrading its manufacturing facility in Adelaide. Majority of the funds from the loan will be going towards this upgrade.
“The funds will be used to design, build and install new state-of-the-art equipment into the ballistic helmet manufacturing line in the Adelaide manufacturing facility,” Managing Director Philippe Odouard said.
“This upgrade enhances our helmet manufacturing capabilities and ensures XTEK is well-positioned to deliver on large quantities of our rifle ballistic helmets into the world’s biggest markets,” he added.
Additionally, XTEK is making good progress with its international customers and the first commercial order for its ballistic helmets is expected in the near term.
On market close, XTEK is up 11.7 per cent and is selling shares for 62 cents each.
