Quickstep Holdings Limited has secured $17.3 million of funding to prepare for its commitment to the Joint Strike Fighter (JSF) program, which includes building a new manufacturing premises in new South Wales.
The funding has been secured through a Convertible Note Facility with US financier, La Jolla Cove Investor.
With the $17.3 million worth of funding, Quickstep is expected to have a total of $30 million at its disposal for its work on the JSF, according to a notice from the company.
Both the Australian Federal and State Governments are expected to give funding to the company in the future as well.
Quickstep’s new manufacturing facility will be built at the former Boeing facility at the Bankstown Airport in NSW.
The facility will be used to develop composites for the JSF defence program, and also to further develop Quickstep’s Quickstep Process.
Quickstep shareholders are eligible to participate in the win through a Share Purchase Plan.
Quickstep signed a Long Term Agreement (LTA) to manufacture $700 million worth of parts for the international F-35 Joint Strike Fighter (JSF) program over the next 20 years back in February.
Under the framework established in the LTA, first JSF parts and first cash flow will be delivered in 2012.
Quickstep will supply up to 16 different JSF components, including lower side skins, maintenance access panels, fuel tank covers, lower skins and in-board weapons bay doors, projected to amount to some 36,000+ parts over the life of the program and could generate annual turnover of around $50 million by 2015. The total value of the work over the life of the aircraft could be up to $700M.
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