Xtek Ltd - International Order for XTclave Plates Upsized
Xtek Ltd (ASX:XTE)

International Order for XTclave Plates Upsized

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Highlights

What's happened?

XTEK Limited (ASX:XTE "XTEK") has an announced an increase to the international commercial order for its light weight XTclave™ manufactured ballistic plates that was initially announced on 5 May 2020.

What are the key highlights?

  1. The initial >A$1m commercial order from CPE Production Oy has now been increased to be worth ~A$2m in total.
  2. The order is for use by the Finnish Defence Forces and follows an extensive validation and testing process for qualification purposes by the Finnish Army, which resulted in the initial order.
  3. XTEK is in a strong position to receive further orders, with ongoing discussions with other potential customers and strategic parties currently underway.

Managing Director's Summary

Philippe Odouard

"XTEK’s international strategy underpins strong growth expectations, with international markets representing a significant commercial opportunity. This increased order illustrates XTEK’s increasing demand from international customers. XTEK is in a strong position to execute on its strategy and achieve further international orders, with discussions with other potential customers and strategic parties ongoing. We also plan to leverage our established US network and commence exporting XTclave™ manufactured products to the US in the near term.”

Philippe Odouard
Managing Director, Xtek Ltd
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