Cemtrex Announces 500% Increase in New Orders for Development of VR and AR Applications in Quarter-to-Date
February 21 2020 - 4:30PM
- Cemtrex (Nasdaq: CETX, CETXP, CETXW) announced today that it has
received over $300,000 in new orders for the development of virtual
reality (VR) and augmented reality (AR) applications, representing
a 500% increase in the current quarter to date from the prior year.
The orders were from 3 different customers and the Company expects
to execute these orders over the next five months.
The Company expects to close an additional $300,000 in new
orders for virtual and augmented reality application development in
the current quarter with multiple new customers based on the
current sales pipeline for a total of $600,000 in FY Q2. The
expected $600,000 in orders represents a 1000% percent increase in
orders for VR and AR app development services compared to the same
period a year ago. The Company anticipates that demand for VR and
AR app development services will continue to increase in the coming
quarters and will be a key source of growth for the Company.
Cemtrex is a leading developer of VR and AR applications and has
won awards in the industry from Clutch. The Company has unique
experience as it has successfully developed many applications
already in the space for leading brands like Richemont and its
subsidiaries and thus is poised to capture more business in this
fast-growing market.
Chairman and CEO of Cemtrex, Saagar Govil, commented, “We are
excited to see the rapid pace of demand taking shape in the VR and
AR markets. A year ago, there was a lot of discussion taking place
conceptually, but now a year later we are seeing companies put
budget towards these efforts to realize these cutting-edge
technologies. As the market continues to thrive, we believe we are
in the right position to capitalize on that growth.”
Augmented and Virtual Realities are among the fastest growing
business areas, which are expected to reach over $500 billion by
2025. The industries that will generate VR and AR opportunities
include: industrial design, medical diagnostics, entertainment,
sports, training simulations, productivity tools, social
experiences, manufacturing optimization, app development, tourism,
& advertising. All industries whether retail, education, social
media, healthcare or manufacturing, will experience widespread
disruption and innovation in their products and services by
utilizing VR & AR solutions to increase their profitability in
the coming decade.
About Cemtrex
Cemtrex, Inc. (NASDAQ; CETX) is a diversified technology company
that is driving innovation in a wide range of sectors, including
smart technology, virtual and augmented realities, advanced
electronic systems, industrial solutions, and intelligent security
systems. www.cemtrex.com
About Cemtrex
Safe Harbor Statement This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to our new product offerings 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.
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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