• Partnering with Billion Prima, a Malaysian hi-tech scanning specialist
• $2.4M strategic equity investment at 15% premium
• $3.2M agreement to commercialize a new baggage & parcel scanning unit

Micro-X Ltd, an Australian hi-tech company developing innovative products for global health and security markets, has announced a strategic partnership with Billion Prima, a Malaysian developer and manufacturer of hi-tech baggage, parcel and cargo scanning solutions. Under the agreements, Micro-X will develop a CNT X-ray based baggage and parcel scanner with Billion Prima, who will have exclusive rights to manufacture and sell the unit in South-East Asian markets for 20 years. Micro-X will receive $3.2M to commercialize the new scanner, with the first $1M payment upon execution of the development agreement. Additionally, Billion Prima will make a $2.4M strategic equity investment in Micro-X at a 15% premium to the last traded share price, representing a 4.4% stake in the company. The partnership is expected to significantly strengthen Micro-X's balance sheet and provide a source of future ongoing revenue from its proprietary technology. Micro-X retains full ownership of its core IP and is targeting additional security partnerships in other regions and applications.

Micro-X is targeting the completion of the new scanning units within 12 months and expects this to be the first commercial application of its security technology, a key step in monetizing its security assets. The company is also progressing other discussions beyond South-East Asia and in other security applications, in parallel with its ongoing work with the US Department of Homeland Security.