XTEK Announces Proposed Name Change – XTEK Ltd to HighCom Ltd

Highlights

• Proposed name change from XTEK Limited to HighCom Limited
• Shareholders to vote on name change at AGM on 23 November 23

Monday, 9 October 2023: XTEK Limited (ASX: XTE, ‘XTEK’, ‘Group’) provides the following market update with respect to a proposed name change to HighCom Limited.

Following the significant changes and growth of the business over the last two years, the Group now proposes to take the next step in the evolution of the business and will seek shareholder approval at the upcoming Annual General Meeting on 23 November 2023, to change the name from XTEK Limited to HighCom Limited and amend the Company Constitution accordingly. The Group expects the new ASX ticker code will be HCL.

The Board believe that this name change is an important and necessary step. It will better reflect the long-term value creation potential for shareholders now being generated by the Group’s “HighCom” ballistic armour brand, through its increasingly successful commercial business operations with Military, Law Enforcement Agencies, and Government customers, in the US and around the world.

Accordingly, the Board believes that by aligning the ASX listed parent company name with the US and International subsidiary names it best positions and unifies the Group for its next exciting stage of growth and global expansion.

The Group intends to retain the current two operating divisional structure, with the Technology Division being simply called “HighCom Technology” moving forward and focus its efforts on the sales and maintenance support services of Small Uncrewed Arial Systems (SUAS).

The Technology Division business continues to be an important revenue generating part of the Group’s overall operations, especially after having just signed a 10-year, potential $110m+ Support Contract with the Australian Department of Defence, and the Group will continue to maintain this small, dynamic, and highly capable team collocated with its corporate headquarters in Canberra, ACT.

This announcement has been authorised for release by the XTEK Limited Board of Directors.

General, Investor & Media Enquiries:
Scott Basham, Group CEO,
T: +61 422 014 593
E: scott.basham@xtek.net