Cemtrex Receives $0.5 Million Upgrade Order in Advanced Technologies Segment
October 08 2020 - 9:10AM
— Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology
company driving innovation in Internet of Things (IoT), security,
machine vision & artificial intelligence, and augmented &
virtual reality, has received a $500,000 order to upgrade a
security technology system through its Advanced Technology Segment
for a large Tennessee based corrections facility.
The mission-critical enterprise-class system is
an upgrade from Cemtrex’s legacy system to its latest offering,
which includes a state-of-the-art video surveillance security
system, Valerus software solution, cameras and related storage
hardware.
“This order reaffirms the positive outlook for
our core Security Technology vertical as the market continues to
improve,” said Saagar Govil, Chairman and CEO of Cemtrex. “Our
strong presence in corrections has provided multiple orders for
several security surveillance systems, driving revenue increases
this year. We are leveraging these gains to further develop
advances in our product lines in IoT, AR & VR, as well as in
Artificial Intelligence and Machine Vision.
“The orders received during the September
quarter in our Advanced Technologies Segment were higher on a year
over year basis from 2019. This gives us confidence that our end
markets are recovering well from COVID-19 and that the Advanced
Technologies segment should see top line growth in FY 2021 based on
our momentum,” continued Mr. Govil.
The new order was booked in September 2020 and
will be shipped in October. The details of the customer were not
provided due to confidentiality agreements in place.
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.
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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