Optex Systems Announces Acquisition Of Speedtracker From RUB Aluminum And Has Also Established A Contract Manufacturing Agreement For The Continued Production Of The Speedtracker Mach 4+ Product Line; No Financial Terms Disclosed
Optex Systems Holdings, Inc. (NASDAQ:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced today it has acquired Speedtracker from RUB Aluminum (RUB) and has also established a Contract Manufacturing Agreement for the continued production of the Speedtracker Mach 4+ product line.
Danny Schoening, CEO, stated "The Speedtracker, a cutting-edge chronograph designed to measure projectile velocity, has emerged as a game-changer for enhancing shooter accuracy. With its radar-based technology and user-friendly application interface, it perfectly aligns with the demands of today's dynamic market. Moreover, our partnership with RUB under the Contract Manufacturing Agreement guarantees a seamless transition for our valued customers and global distributors as we move forward."
Raimund Bastian, co-owner of RUB, stated "This partnership with Optex heralds an exciting chapter for Speedtracker, propelling its growth while allowing RUB's technical team to focus on pushing the boundaries of radar-based chronograph technology. We eagerly anticipate where the journey will lead in this ongoing relationship."
The Company acquired Speedtracker using cash on hand, with potential additional future cash payments based on successful completion of defined milestones. Initially launched in August of 2022, and with several thousand units in field, the Company intends to enhance the distribution and growth of the Speedtracker line.