Cemtrex, Inc. (CETX) Completes Sale of EMS Subsidiary, ROB Cemtrex
August 22 2019 - 08:40AM
- Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading global
technology company, announced today that it has completed the
sale of its EMS business, ROB Cemtrex. Pursuant to the terms of the
transaction Cemtrex received a total consideration of €6,367,199
for the sale of the business.
ROB Cemtrex provides end to end electronic manufacturing
services, which includes product design and sustaining engineering
services, printed circuit board assembly and production, cabling
and wire harnessing, systems integration, comprehensive testing
services and completely assembled electronic products. The business
consists of approximately 250 employees with operations based in
Germany and Romania.
Cemtrex’s CEO and Chairman, Saagar Govil, commented, “The sale
of ROB represents an important step in successfully delivering our
strategy. We felt the timing was right with the outlook in the
Eurozone being tepid for years to come, and other more lucrative
opportunities here domestically. With the sale completed, Cemtrex
will continue to utilize its resources to focus on investing in
opportunities with attractive long term growth that leverage the
Company’s assets and expertise.”
About Cemtrex Cemtrex, Inc. (CETX) is a
diversified technology company that's 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
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.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
General Inquiries
sales@cemtrex.com
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