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Xtek chairman Uwe Boettcher makes on-market purchase

Strong demand from the defence industry shows that XTEK is underpinned by the favourable global defence market and significant global defence budgets, that are typically uncorrelated with markets.

XTEK Ltd - Xtek non-executive director makes on-market purchase
Boettcher now holds 5,656,929 shares

Xtek Ltd (ASX:XTE) non-executive director and chairman of the board Uwe Daniel Boettcher has acquired 30,000 shares in the company for 43 cents per share.

The direct purchase by Boettcher on behalf of the Boettcher Superfund Account means he now holds a total of 5,656,929 shares.

Commercial XTclave™ order

The company recently secured the first commercial order for its XTclave™ manufactured ballistic armour plates from Tote Systems Australia which will be used in the field by an Australian specialist law enforcement unit.

The order will provide an extremely lightweight armour solution, in synergy with TOTE soft armour and Tactical Vest system.

Xtek solutions for the defence force and law enforcement

Defence market remains strong

The company is confident that strong demand from the defence industry shows that XTEK is underpinned by the favourable global defence market and significant global defence budgets, that are typically uncorrelated with markets.

In light of the recent global public health situation, XTEK is taking precautionary measures to ensure the safety of its staff, continuity of business and will continue to manage the situation vigilantly.

However, given that government budgets are already set, XTEK expects purchasing cycle in the defence sector is unlikely to change in the short to medium term and expects to continue to see robust demand and growing interest in products.

Quick facts: XTEK Ltd

Price: 0.58 AUD

ASX:XTE
Market: ASX
Market Cap: $30.84 m
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XTEK Ltd secures significant first international commercial order for its...

  XTEK Ltd's (ASX:XTE) Philippe Odouard tells Proactive's Andrew Scott winning their first international commercial order for its lightweight XTclave™ manufactured ballistic plates is a key milestone for the firm. The order from CPE Production Oy for use by the Finnish Defence Forces...

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