Kromek Group PLC Extension to nuclear detection contract with DARPA (0928C)

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RNS Number : 0928C

Kromek Group PLC

14 January 2015

Approved for Public Release, Distribution Unlimited

14 January 2015

Kromek Group plc

("Kromek" or the "Company")

Kromek awarded extension to nuclear detection contract with DARPA

New award extends radiation network detector programme with U.S. Defense Advanced Research

Projects Agency (DARPA)

Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded a modification to its existing contract with the U.S. Defense Advanced Research Projects Agency ("DARPA"), an agency of the U.S. Department of Defense with responsibility for maintaining the technological superiority of the U.S. military, for the development of radiation network detectors.

The programme with DARPA, which commenced in August 2014, is to develop an advanced portable detection system for gamma and neutron radiation that can be combined with other such systems to form large networks that can provide information on radiation signatures over an extended area.

The extension, worth up to $1.1m over 16 months, includes the supply of additional Kromek detector systems and further development of ASIC capabilities.

Arnab Basu, CEO of Kromek, said: "We are delighted to receive this extension of the current contract from DARPA, which reflects the excellent progress the Kromek team has made with its existing programme obligations. That we were selected by an agency of the U.S. government provides validation of our technological strength and capabilities, and demonstrates our leading position in the global markets.

"In addition, this programme represents a milestone in our strategy of targeting opportunities for the development of network sensors for nuclear detection. We look forward to furthering our relationship with DARPA and continuing to develop cutting-edge radiation detection solutions to enable safer environments."

Enquiries

 
 Kromek Group plc 
------------------------------------  -------------- 
 Arnab Basu, CEO 
  Derek Bulmer, CFO                    01740 626 060 
------------------------------------  -------------- 
 
 Panmure Gordon (Nominated Adviser 
  and Broker) 
------------------------------------  -------------- 
 Freddy Crossley - Corporate 
  Finance 
  Charles Leigh-Pemberton - Broking    0207 886 2500 
------------------------------------  -------------- 
 
 Luther Pendragon 
------------------------------------  -------------- 
 Harry Chathli, Claire Norbury, 
  Alexis Gore                          0207 618 9100 
------------------------------------  -------------- 
 

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

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