- XTEK’s (XTE) U.S. subsidiary, HighCom Armor Solutions, has secured approval for permanent export licences for ballistic products to Mexico City
- Approval was granted from the US State Department office of Directorate of Defense Trade Controls
- First export orders are valued at US$2.1 million (around A$2.79 million) and the total agreement is expected to generate up to US$50 million (around A$66.48 million) over the next 10 years
- XTEK has ended the day a slight 1.71 per cent in the green with shares trading at 59.5 cents
XTEK’s (XTE) U.S. subsidiary, HighCom Armor Solutions, has secured approval for permanent export licences for ballistic products to Mexico City.
This follows the approval of a Warehousing Distribution Agreement (WDA) with Performance Materials from the U.S. State Department office of Directorate of Defense Trade Controls.
First export orders are valued at US$2.1 million (around A$2.79 million).
The total agreement is expected to generate up to US$50 million (around A$66.48 million) over the next 10 years.
“Previously, exports to Mexico were limited by the need to continuously request export licences for quantities of any size, with each request typically taking several weeks to be awarded – so this new licence streamlines the process significantly and makes it a much more attractive opportunity to export to these Mexican customers,” Managing Director Philip Odouard said.
“The orders represent the start of a new expansion into Mexico that we are confident will build significantly,” he added.
XTEK’s proprietary technologies include XTclave and XTatlas.
XTclave is the company’s exclusive preserving and unifying technology, suited to the manufacture of high-quality, precision ballistic, and structural products such as unmanned crafts, tanks, and armour.
XTclave makes it possible for the manufacture of lighter, stronger, stiffer, and more durable products.
XTatlas provides real-time situational awareness by connecting sensor data to the geospatial domain (data which has a geographic component to it).
It takes in and visualises full-motion video from manned and unmanned ground and aerial platforms to produce terrain elevation and 3D models.
XTEK has ended the day a slight 1.71 per cent in the green with shares trading at 59.5 cents in a $41.44 million market cap.