XTEK Ltd (ASX:XTE) has a new substantial holder in Florida-based HighCom Global Security Inc (OTCMKTS:HCGS) with a 7.59% stake.
HighCom became a substantial shareholder on September 30, 2019 via the purchase of 4 million shares at 72 cents each for a total consideration of $2.88 million.
XTEK recently signed an exclusive contract with the Australian Defence Force to provide a range of supply and service support activities for small unmanned aerial systems, or drones.
The Australian technology company was awarded the long-term contract which entails providing spare parts, repair, maintenance and support services for the ADF’s growing SUAS fleet.
To date, AusTender has issued four contract notices under this contract with the largest and most recent commitment amounting to $10.07 million.