Mr. Brenton Scott reports
CRITICAL INFRASTRUCTURE TECHNOLOGIES LTD. RECEIVES A DUAL-USE INNOVATION CERTIFICATE FROM THE LATVIAN MINISTRY OF DEFENCE
Critical Infrastructure Technologies Ltd. has obtained an innovation certificate for dual-use technology from the Latvian Ministry of Defence.
The innovation certificate enables Critical Infrastructure to formally apply to Altum, Latvia's state development finance institution, for funding support toward the establishment of manufacturing operations in Liepaja, Latvia.
Under the Altum innovation support framework, Critical Infrastructure intends to apply for up to 3.0 million euros in project financing. Upon successful completion of the project, the loan may be eligible for a capital discount of up to 30 per cent, significantly enhancing the company's capital efficiency, as it establishes its European manufacturing base.
Project scope in Latvia
The funding will support the commencement of operations in Liepaja, including:
- Securing suitable industrial premises;
-
Employing up to six staff;
- Engaging suppliers throughout Latvia and the broader European Union;
- Building five Nexus 20 units, which will all be marketed and sold within Latvia and/or the European Union, generating significant revenue.
Critical Infrastructure is currently in discussions to lease a facility in the Liepaja special economic zone, whereby the corporate tax rate is 4 per cent.
The total project cost is estimated at approximately 4.0 million euros, of which Critical Infrastructure is required to contribute approximately 1.0 million euros (25 per cent), with the balance financed through the proposed Altum facility.
Strategic expansion of EU operations
The innovation certificate formally recognizes Critical Infrastructure's dual-use technology and strengthens the company's integration within the European defence and security ecosystem. The establishment of manufacturing capacity in Latvia will support Critical Infrastructure's growing European presence, complementing its partnerships across North Atlantic Treaty Organization's Eastern flank and its previously announced plans to position Latvia as its European headquarters.
Brenton Scott, chief executive officer of Critical Infrastructure, commented: "We see this as a great strategy to get our operations fast-tracked into Latvia and entrench ourselves even further within the EU. The innovation certificate recognizes the dual-use capability of our technology and provides a clear pathway to accelerate our European manufacturing strategy."
The company will provide further updates as the Altum application progresses.
About Critical Infrastructure Technologies Ltd.
Listed on the Canadian Securities Exchange with operations in Perth, Western Australia, Critical Infrastructure is creating autonomous, high-capacity, rapidly deployable technology that delivers essential services to where they are needed most. Critical Infrastructure is targeting the mining, defence, border security/surveillance and emergency service sectors in relation to its first product release, the Nexus 16, which aims to provide critical mobile telecommunications for such sectors. Using patented technologies, Critical Infrastructure's self-deploying platform provides a solution for two of the greatest limitations of current rapidly deployable communication solutions, strength of the tower and ability to rapidly self-deploy and operate, in numerous situations. The SDP is designed to support radio equipment including LTE (long-term evolution) and several other technological payloads, such as surveillance and anti-drone systems. Critical Infrastructure has completed the research and development phase, and is currently commercializing the first of many products that will be released.
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