Micro-X (ASX:MX1) signed two agreements to form a security partnership with Billion Prima, according to a Thursday Australian bourse filing.
Malaysian hi-tech baggage, parcel, and vehicle scanning specialist Billion Prima will make a AU$2.4 million strategic equity investment, subscribing for 26.7 million shares at AU$0.09 per share.
The two firms entered a AU$3.2 million agreement to commercialize a baggage and parcel scanning unit, developed using Micro-X NEX technology with Billion Prima to receive exclusive rights to manufacture and sell the unit in Southeast Asia for 20 years.
Billion Prima will also deliver a AU$1 million first payment of the commercialization project to the cold cathode x-ray technology company.
Micro-X will retain the right to sell the unit outside of Southeast Asia and to license the technology to third parties in other regions.
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