Kromek Group PLC Multiple contract wins with global OEMs (4053N)

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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

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