Tempo Australia (ASX:TPP) has been granted an ASX trading halt pending the release of contract award details.
Earlier this month, the company entered into a $1.2 million convertible loan facility with Bontempo Nominees, a related entity of chairman Carmelo Bontempo.
This provides working capital flexibility and supports the pursuit of new tender and work opportunities.
Bontempo is co-founded UGL Limited (ASX:UGL) an engineering services company that has grown to a value of over $1 billion.
He was also the long term Managing Director of Monadelphous (ASX:MND).
For the first six months of 2014, the company recorded a net profit before tax of $71,023 on revenues of $4.04 million.
This contrasts to the same corresponding period for 2013 where the company recorded a loss before tax of $0.88 million on revenues of $6.9 million.
Tempo remains focused on securing the 2015 pipeline for construction and maintenance projects direct with major resources, energy and construction companies.
The halt will last until the earlier of the announcement being made or the start of trading on Tuesday, 28 October 2014.
