Business
Update re. R&D rebate and other matters
Update re. R&D rebate and other matters.
About this update from Cap-xx Limited
[{"type":"text","content":"\n\n1 December 2023\nCAP-XX Limited\n(\"CAP-XX\" or the \"Company\")\nUpdate on FY23 R&D rebate, JV with Ionic Industries and Distribution Strategy\nCAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, is pleased to announce that the Australian Taxation Office has approved the FY23 research & development grant and associated rebate totaling A$2.1m. The net proceeds of A$1.0m, after repaying the principal and interest associated with the revolving line of credit drawdown, were received by CAP-XX earlier this week.\nFurther to the Company's announcement on 4 May 2022, CAP-XX announces that it has formally signed a joint venture (\"JV\") vehicle and shareholders agreement (the \"Agreement\") with Ionic Industries Limited (\"Ionic\") for the exclusive commercialisation of Ionic's reduced graphene oxide technology to increase electrode density in supercapacitors. The final terms of this Agreement are consistent with the original term sheet of the JV. Both parties are keen to make this JV a success, and a further announcement will be made once final performance evaluations and business plans for the JV have been completed and agreed.\nIn addition, CAP-XX is pleased to announce that the repositioning of its distribution strategy, that has been communicated over the past six months, continues to progress, with the appointment of a further European distributor, in addition to one in India and two in South Africa. New sales and application opportunities have already been identified by these distributors and purchase orders are anticipated to be received in the coming weeks. The Company is also in the final stages of negotiation with additional distributors and sales representatives and these appointments will be announced once the terms are agreed.\n \nFor further information contact:\n \nCAP-XX Limited\nPat Elliott (Chairman) &n...