Cemtrex Inc. (CETX) Provides Business Update
June 23 2020 - 9:00AM
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry
technology company that is driving innovation in a wide range of
commercial sectors such as Internet of Things (IoT), Augmented and
Virtual Reality (AR & VR), and Artificial Intelligence and
Computer Vision (AI & CV), today provided an update on its
business regarding the current environment and near term outlook.
Cemtrex’s Chairman and CEO, Saagar Govil, commented, “The
COVID-19 pandemic has presented our Company with a number of
challenges, but we have been fortunate that most of our businesses
are in end-markets and categories with relative strength. During
this difficult time, we’ve successfully adapted our ways of working
to responsibly manage the business, while continuing to deliver
innovative solutions to our customers. I am incredibly proud of how
our teams have responded during this unprecedented event. With the
easing of restrictions globally, we are seeing business activity
increase across all our businesses and we remain cautiously
optimistic that this next quarter will be closer to a pre-Covid-19
normalcy.”
“With the most recent financings completed, we have substantial
cash to meet and accelerate the release of a number of our exciting
and innovative products we plan to deliver over the next twelve
months. In our 3 key focus areas, IoT, AR & VR, and AI and CV,
we have planned new product releases over this period that will
build our foundation as we grow in each segment. In our IoT segment
our next generation SmartDesk, with laptop docking as a primary
feature, will be releasing this upcoming fall for which we have
already received tremendous interest from customers. We will be
launching our first VR experiential game, Star Force, based on the
hit BV Larson novels, in 2021. Additionally, the Company is
building its own proprietary artificial intelligence technology
platform for the video surveillance industry through Vicon, which
is also slated for release in 2021. The Company will provide
updates on each of these activities as they near completion.”
“In the near term we are seeing continued interest in our
existing products and services, including the thermal body camera
due to organizations seeking to protect workers during this
COVID-19 situation. Additionally, Cemtrex continues to see more
interest than ever before of companies looking to create VR and AR
applications enabling them to market their products and services
digitally rather than through traditional brick and morter retail
experiences. We believe we are well positioned to take advantage of
these rapidly growing markets and with our current and planned
products we are optimistic about our long term growth potential,”
he continued.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology
company that is driving innovation in markets such as Internet of
Things (IoT), Augmented and Virtual Reality (AR & VR), and
Artificial Intelligence and Computer Vision (AI & CV) in a wide
range of sectors, including consumer products, industrial
manufacturing, digital applications, and intelligent security &
surveillance systems. www.cemtrex.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to the closing of the offering,
gross proceeds from the offering, our new product offerings,
expected use of proceeds, or any proposed fundraising
activities. These forward-looking statements are based on
management's current expectations and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such forward
looking statements. Statements made herein are as of the date
of this press release and should not be relied upon as of any
subsequent date. These risks and uncertainties are discussed under
the heading "Risk Factors" contained in our Form 10-K filed with
the Securities and Exchange Commission. All information in
this press release is as of the date of the release and we
undertake no duty to update this information unless required by
law.
Press Contact for CETX:
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
General Inquiries
sales@cemtrex.com
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