Kromek Group PLC Multiple contract wins with global OEMs (4053N)
May 18 2015 - 2:01AM
UK Regulatory
TIDMKMK
RNS Number : 4053N
Kromek Group PLC
18 May 2015
18 May 2015
Kromek Group plc
("Kromek" or the "Company")
Multiple contract wins with global OEMs
Four contracts secured with new and current customers across the
medical and nuclear detection markets
Kromek, a radiation detection technology company focusing on the
medical, security and nuclear markets, is pleased to announce that
it has signed multiple new contracts, worth a total of $982,000,
with both existing and new clients across its key target
segments.
In the nuclear detection and security markets, Kromek has
secured two new customers, with orders worth a combined $452,000,
from two global Original Equipment Manufacturers (OEMs). Kromek
will provide the US-based clients with a portfolio of patented
nuclear detectors to enhance their radiation detection capabilities
for security applications. The two new contracts will be delivered
within the next 18 months with the majority of the orders expected
to be completed and delivered in the current fiscal year.
In the medical market, Kromek has secured two new contracts,
totalling $530,000, from existing customers. The first contract is
a repeat order for the supply of its Cadmium Zinc Telluride (CZT)
detectors to a long standing OEM customer in the Single Photon
Emission Computed Tomography (SPECT) market. The second order is
for the delivery of Kromek's ASIC, based on unique intellectual
property, to a global player in the medical imaging market. The
Company expects to deliver both contracts over the next 24
months.
Arnab Basu, CEO of Kromek, said: "We are delighted to secure
four new contracts and to add two leading OEMs in the nuclear
detection field as new customers. The agreements are a clear
indication of Kromek's continued progress across its key target
segments. The deals further diversify our customer base, strengthen
existing relationships and demonstrate confidence in our patented
CZT-based technology and products, which continue to gain traction
worldwide."
Enquiries
Kromek Group plc 01740 626 060
Arnab Basu, CEO
Derek Bulmer, CFO
Cenkos Securities plc 020 7397 8900
Bobbie Hilliam (NOMAD)
Julian Morse (Sales)
Luther Pendragon 0207 618 9100
Harry Chathli, Claire Norbury,
Alexis Gore
About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT"). Using
its core CZT technology Kromek designs, develops and produces x-ray
and gamma ray imaging and radiation detection products for the
medical, security screening and nuclear markets.
The Group's products provide high resolution information on
material composition and structure and are used in multiple
applications, ranging from the identification of cancerous tissues
to hazardous materials, such as explosives, and the analysis of
radioactive materials.
Kromek uses multiple technologies in its manufacturing
processes, including the established methods of 'liquid phase'
detector production, and also 'vapour phase' production methods,
which allow the production of high quality, high performance
detectors on an industrial scale. Kromek has an intellectual
property portfolio of more than 250 pieces of IP.
The Group's business model provides a vertically integrated
technology offering to customers, from the growth of CZT crystals
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by
Kromek, combined with the benefit of 25 years of research into CZT
production and the patents and trade secrets accumulated by the
Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California
and Pennsylvania), and is selling internationally through a
combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees
across its global operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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