Cemtrex Provides Corporate Update on Product Pipeline and Business Operations
March 26 2021 - 8:40AM
— 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, today provided a corporate update on its product shipment
pipeline, business operations, financials and industry outlook in
the first quarter and remainder of 2021.
Beginning in late March, Cemtrex will begin
shipments of its new SmartDesk Connect, an advanced workstation
that includes 4K UHD monitors, a sit-stand desk, ergonomic
tabletop, with built-in wireless phone charger, all powered by a
user’s laptop when connected to the SmartDesk.
The product is an evolution of the Company’s
original SmartDesk, which is an advanced workstation that includes
a powerful Windows 10 machine. This new SmartDesk Connect provides
much of the same features but allows users to use their own laptop
instead of a built-in PC. This allows the product to work with both
Windows and MacOS. The SmartDesk Connect is available for purchase
at $2,299, with shipping and installation included. Cemtrex expects
to begin ramping its sales and marketing activities to promote the
SmartDesk Connect throughout 2021.
Cemtrex’s first VR game, StarForceVR, is slated
for release in the fourth quarter of 2021, which will be a first
person shooter available on popular VR platforms. The game was
inspired by the popular 12 book sci-fi series “StarForce”, by BV
Larson, in which Earth is annexed by an alien empire and thrown
into an interstellar war.
“With the ongoing transition to work-from-home
for many workers and the need for enterprises to accommodate their
returning workers, the SmartDesk Connect encompasses new
capabilities for today’s enterprise and retail consumers,” said
Cemtrex’s CEO, Saagar Govil. “We expect to see increasing demand as
we market SmartDesk Connect’s features and functionalities.
“However, we have continued to see weakness in
our Industrial segment due to COVID-19 in the first FY quarter of
2021 and into the current quarter. We are hopeful that as the
economy is fully reopened, businesses will also return to normal.
We also saw unexpected weakness in our Advanced Technologies
segment for first FY quarter 2021 and through the current quarter
also primarily attributable to COVID-19. In the last few weeks, we
have seen business activity pick up due to many states relaxing
COVID-19 related restrictions and are hopeful that the June quarter
will be closer to pre-pandemic levels as vaccinations are more
broadly disseminated.
“We are working diligently to bring our first VR
game to market later this year. The global VR gaming market size is
expected to reach $92.3 billion by 2027, expanding at a CAGR of
30.2% over the forecast period, according to a report by Grand View
Research. The increasing demand for technologically progressive
electronic games amongst millennials is driving the intense growth,
and we expect significant interest for this game based on this
bestselling author’s series.
“Additionally, we were recently made aware of
certain claims on social media that Cemtrex is involved with
non-fungible tokens (NFT) and related markets. These claims have no
basis, and the Company has no business activities with respect to
NFTs at this time.
“In 2021, we are highly focused on executing our
development roadmap consisting of exciting high tech products in
IoT, AR & VR, as well as in Artificial Intelligence and Machine
Vision for security applications over the coming months. We
have striven to drive forward our business, achieving several key
milestones with a focus on innovation and product development,
despite the challenges of a global pandemic. We are diligently
continuing our efforts on filing our late 10-Q, and expect to share
our financial results with our shareholders as soon as possible,”
concluded Govil.
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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