Advanced Braking Technology Limited announced that it has entered into a Technology Licence Agreement with VEEM Ltd. for VEEM to manufacture and supply ABT's specialised park brake mechanism for Thales' Hawkei Protected Mobility Vehicle - Light project. In addition, ABT will supply spare parts and consumables for the life of product. The contract value to ABT across both the Phase 1 (completed) and Phase 2 contracts, total approximately $760,000 (excluding the supply of spare parts and consumables).

The signing of this contract achieves a strategic objective of further diversifying customer base and the industries in which the company provide innovative braking solutions. Importantly, ABT will now have a competitive advantage to offer customised design solution services to other international specialised fleet providers. This allows ABT to be recognised as an Original Equipment Manufacturer (`OEM') product designer, which will open up further growth opportunities.

International specialised fleets include vehicles used in military applications, humanitarian support and emergency services.