- Advanced Braking Technology (ABV) has received roughly $534,000 as a refundable tax offset for eligible research and development (R&D) expenditure
- Due to the company’s improved financial performance and position, there was no need to enter into a R&D prepayment loan
- This means the entire tax offset will be immediately available as working capital
- Advanced Braking is down 2.94 per cent and is trading at 3.3 cents just before market close on Friday, September 18
Advanced Braking Technology (ABV) has received approximately $534,000 as a refundable tax offset for eligible research and development (R&D) expenditure.
The research and development is related to the company’s innovative braking solutions.
Due to Advanced Braking’s improved financial performance and position, it wasn’t required to enter a R&D prepayment loan facility to assist with cashflow management.
This means the entire tax offset will be immediately available as working capital.
“The ability to utilise the full tax offset as additional workin capital comes at a time when ABT is progressing material opportunities that are aligned to the strategic
direction of the company,” CEO John Annand said.
“We are pursuing high impact growth opportunities in markets that require both our existing products but also innovative braking systems for transport and mobility solutions of the future, and the receipt of these funds will assist in capturing these growth opportunities,” he added.
Earlier this year, the company signed a Technology Licence Agreement with VEEM (VEE) for the Hawkei Protected Mobility Vehicle – Light project.
The Hawkei vehicle is for a defence contractor, Thales Australia, which is part of the Thales Group. The vehicle is a lightweight protected vehicle, that is designed and developed for the Australian Defence Force to replace its land rovers.
Advanced Braking is down 2.94 per cent and is trading at 3.3 cents just before market close on Friday, September 18.