Kromek Group PLC Five-year $7.8m baggage screening contract (6929H)
November 19 2018 - 2:00AM
UK Regulatory
TIDMKMK
RNS Number : 6929H
Kromek Group PLC
19 November 2018
19 November 2018
Kromek Group plc
("Kromek" or the "Company")
Kromek secures five-year $7.8m baggage screening contract
Kromek's second long-term contract in the baggage security
screening market to develop and deploy next-generation detector
modules
Kromek (AIM: KMK), a radiation detection technology company
focusing on the medical, security and nuclear markets, is pleased
to announce that it has been awarded a new long-term supply
contract worth a minimum of $7.8 million by an existing OEM
customer, a leading company in x-ray imaging systems, for the
baggage security screening market.
The contract, which is for the customisation of current
technologies and CZT detector modules and deployment in the baggage
security screening market, covers a five-year period and commences
immediately. Kromek's technology is designed to enhance the
detection of an extensive range of threat materials, providing
improved accuracy and efficiency.
Arnab Basu, CEO of Kromek, commented: "This is another
significant, long-term contract in the security screening market
for Kromek. It continues a trend of multi-year contracts we are
signing as customers move away from legacy systems and embrace CZT
detection technology. Our expertise makes us ideally positioned to
develop customer-specific detector modules and to efficiently
deploy these in advanced screening systems for real-world use. We
look forward to rolling out this detection technology to help
protect staff and passengers at airports, border crossings and
other points of entry or areas of security concern."
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Derek Bulmer, CFO +44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser
and Joint Broker)
Max Hartley (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Cantor Fitzgerald Europe (Joint Broker)
Philip Davies
Will Goode +44 (0)20 7894 7000
Luther Pendragon Ltd (PR)
Harry Chathli
Claire Norbury
Alexis Gore +44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT") and
other advanced technologies. Using its core technology platforms,
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.
The Group's business model provides a vertically integrated
technology offering to customers, from radiation detector materials
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and
Pennsylvania), and is selling internationally through a combination
of distributors and direct OEM sales.
Currently, the Group has over one hundred full time employees
across its global operations. Further information on Kromek Group
is available at www.kromek.com and
https://twitter.com/kromekgroup.
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END
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