XTEK absorbs body armour order
October 12, 2023XTEK‘s Australian based ballistics division, HighCom, has received an order for thousands of high-performance body armours totalling $2.2 million.
The specialist armour is going to an undisclosed international customer during elevated geopolitical tensions worldwide.
“This new international order will see many thousands of our advanced high-performance body armour products rapidly dispatched from inventory to meet this customer’s urgent delivery priorities,” XTEK Group CEO Scott Basham said.
“In parallel with this order, we are also negotiating multiple similarly sized orders and some even bigger contracts, which, if received, could potentially see our entire finished goods inventory of body armour and helmets completely consumed and then see us potentially needing to ramp up our production lines back to similar levels as we did to supply our advanced lifesaving, high-performance ballistics protection products to Europe previously.
“Our policy of maintaining levels of resilience in our raw and finished goods inventories was put in place for this exact situation, and consequently, we believe we are very well placed to support the significant immediate and any sustained ongoing demand for equipment that may be required over the coming days, weeks, and months.”
Negotiations are underway to supply multiple large follow-on orders.
About XTEK Limited
XTEK Group comprises XTEK Ltd and its wholly owned subsidiary HighCom Armor Inc. (US) and operates as two distinct divisions – Ballistics Division & Technology Division.
As announced on 9 October 2023, the Group proposes to seek shareholder approval to change its ASX-listed entity name to HighCom Limited (ASX: HCL) at its Annual General Meeting on 23 November 2023.
The Ballistics Division, which will be known post name change approval as “HighCom Armor”, is focused on designing, manufacturing, and supplying global military, law enforcement, and first responder customers with world-class, advanced personal protection ballistic products and solutions for Body Armour, Ballistic Helmets, and Composite Armour Panels & Platform Structures.
For more information on HighCom Armor Solutions Inc., visit www.highcomarmor.com
The Technology Division, which will be known post name change approval as “HighCom Technology”, is focused on supplying Australian Defence and Security Agencies with world-leading Small Uncrewed Arial Systems and Sensor Payloads and Australian-made Mission Control Software, and local Service Support.
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