Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

XTE by the numbers
More From The Market Herald
Prophecy International (ASX:PRO) - Company Director, Grant Miles

" Prophecy International (ASX:PRO) secures $7.7m for business development

Software company Prophecy International (PRO) has received firm commitments to undertake a $7.7 million share placement.
ClearVue Technologies (ASX:CPV) - Non Executive Director, John Downes

" ClearVue Technologies (ASX:CPV) appoints LendLease’s John Downes to board

Smart building materials company ClearVue Technologies (CPV) has appointed LendLease’s (LLC) John Downes as Non-Executive Director.
ELMO Software (ASX:ELO) - CEO, Danny Lessem

" ELMO Software (ASX:ELO) launches new COVID-19 tracking module

ELMO Software (ELO) has launched a new module, enabling businesses to track employee’s COVID-19 vaccination and test status.

" Vection Technologies (ASX:VR1) launches upgraded virtual reality design tool

Vection Technologies (VR1) shares are trading in the green after launching an upgrade to its virtual reality design application MinDesk.