ABT raises $2.4 million for new brake launch

Advanced Braking Technology on last lap of garbage truck project and makes maiden quarterly profit on mining demand

April 26, 2012

Perth’s Advanced Braking Technology (ABT) has raised $2.4 million in a share offering, with a view to help launch its new truck brake.

ABT is seeking to complete the final stages of product validation for its Sealed Integrated Braking System (SIBS) garbage truck brake program and to match the balance of a $2 million Commonwealth grant to accelerate its market launch.

The cash will also provide funds for "ongoing enhancements to the mining and garbage truck brake products".

SIBS is an enclosed, single-rotor wet-brake system aimed at minimising wear, brake dust and noise.

In mining, it has applications in light vehicle and light truck wheel end brakes and heavy vehicle driveline brakes.

"There has been strong interest by sophisticated investors in the opportunity to support the final stages of the garbage truck brake project," CEO Ken Johnsen says.

Last week, ABT reported March quarter sales of $2 million, with financial year to date mining sales up 17 percent on the previous corresponding period to $5.23 million.

The company make a profit for the first time, making $346,000 before tax.

It says exports to West Africa, South Africa and North America made up 33 percent of third-quarter sales.

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