Kromek Group PLC Award of Five-Year Contract from BMD Customer (2166O)

TIDMKMK

RNS Number : 2166O

Kromek Group PLC

17 August 2017

17(th) August 2017

Kromek Group plc

("Kromek" or the "Company")

Kromek Awarded Five-Year Contract from Existing BMD Customer

New long-term order from existing BMD customer for use of Kromek's CZT-based detector module in new medical diagnostics product

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 five-year contract by an existing customer in the bone mineral densitometry ("BMD") sector for the incorporation of its cadmium zinc telluride ("CZT")-based detector modules in a new product. Delivery on the contract, which is worth a minimum value of $5.38m, is expected to begin in the current 2017/18 financial year.

Dr Arnab Basu, CEO of Kromek, said: "We are delighted to have secured a further contract by an existing BMD customer as they launch a new medical diagnostics product. It further validates our belief that, as customers move away from legacy diagnostic systems, CZT based detectors will become a core technology and we anticipate to be one of the major suppliers to this segment. The agreement also demonstrates the strong relationships we build with our customers and the Company's commitment to securing further contracts in the medical imaging sector."

Enquiries

 
 Kromek Group plc                  01740 626 060 
 Arnab Basu, CEO 
  Derek Bulmer, CFO 
 
 Cenkos Securities plc             020 7397 8900 
 Bobbie Hilliam (NOMAD) 
 
 Luther Pendragon                  020 7618 9100 
 Harry Chathli, Claire Norbury, 
  Alexis Gore 
 
 
 

About Kromek Group plc

Kromek Group plc is a UK 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 photon 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 17, 2017 02:00 ET (06:00 GMT)