Wireless tracking technology company Bluechiip (ASX:BCT) is primed to enter the US market, after receiving key regulatory clearance.
The company, which has developed a tracking chip capable of withstanding extreme temperatures, announced it had received approval from US regulators to operate in specified restricted frequency bands.
The Federal Communications Commission has granted Bluechiip a waiver to restraints on transmitting in the frequency band 1.5MHz-4.2MHz, which it normally restricts for military or government use.
Terry Mahn, a lawyer for Bluechiip's Washington-based regulatory law firm Fish and Richardson, said he was pleased the application had been approved.
“While we were confident that we had strong arguments to support the waiver, the outcome was quite uncertain because Bluechiip was seeking to use a spectrum reserved exclusively for the US government,” he said.
Bluechiip listed on the ASX earlier this month after an IPO to help commercialise its tracking chips, which have applications in industries including healthcare, aerospace and manufacturing.
Bluechiip on Wednesday also revealed it has won grants totalling nearly $100,000 from the Victorian Government's Small Technologies Industry Update Program.
The company has now received grants and tax concessions totalling around $2.1 million since 2005.
BCT shares grew 7.14% to $0.150 in Wednesday's trading. The company was last week compelled to reassure investors over its share movements, after the rapid slump from the listing price of $0.250.