Rex Technology Investments (RTI), a wholly-owned subsidiary of Catalist-listed Rex International Holding, will invest up to US$4 million ($5.38 million) into commercial drone company Xer Technologies.

The investment comprises US$1 million for a 40% stake in Xer, along with a commitment to inject up to US$3 million in the company, subject to the achievement of certain technical and sales milestones by Xer within the next 18 months.

RTI will also have the right to appoint two out of five directors to the board of directors of Xer, and has further agreed to support Xer with management personnel from Rex International group, on arm’s length terms to be agreed between the shareholders.

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