Optex Systems Holdings Inc (OPXS) has released an update to notify the public and investors about an entry into a material definitive agreement.
Optex Systems Holdings, Inc. and its subsidiary acquired intellectual property and related assets for the Speedtracker Mach product line from RUB Aluminium s.r.o. on January 18, 2024. RUB will manufacture these speed detection products for Optex under a contract that initially lasts one year with potential renewals. The purchase was made with $1 million from Optex’s cash reserves, along with additional contingent payments tied to milestone achievements.
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