XTEK Ltd (ASX:XTE) has been granted a trading halt by the ASX pending the release of an announcement regarding the signing of a material distribution agreement.
The halt will be in place until the start of regular trading on Wednesday, March 31, or when an announcement is released to the market, whichever occurs earliest.
$1 million contract
Late last year the company secured a $1 million contract for the next phase of the Command Control Communications and Computers - Evolutionary Digital Ground Environment (C4 EDGE) Program, as part of a $34.4 million Commonwealth contract awarded to the program’s prime contractor.
The C4 EDGE Program for the Australian Army is an all-Australian industry consortium demonstrating a sovereign Battlegroup and Below Battlefield Command System (BG-BCS).
Scoping of C4 EDGE concept
The first phase of the program involved the scoping for C4 EDGE program participants, with XTEK successfully completing this phase in October 2020 on schedule and within budget.
Under the C4 EDGE Program, XTEK proposes to publish XTatlasTM data to select soldiers in the frontline and the company expects to further develop and optimise other aspects of its actionable intelligence software capability.