Kromek Group PLC Award of $1.6m extension to contract by DARPA (3383H)

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RNS Number : 3383H

Kromek Group PLC

12 March 2018

Approved for Public Release, Distribution Unlimited

12 March 2018

Kromek Group plc

("Kromek" or the "Company")

Kromek awarded $1.6m extension to contract by DARPA to enhance operational capability of its leading-edge D3S family of equipment

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 an extension to its high-volume production contract awarded in February 2016 by the Defense Advanced Research Projects Agency ("DARPA"), an agency of the US Department of Defense. The contract, worth $1.6m, will be delivered over an 18-month period with revenue commencing during the current financial year.

Under the terms of the extended contract, Kromek will add further technical innovation capability to the Kromek D3S family of equipment. The enhancements will take the already deployed Kromek D3S product range into even greater operational capability by improving user experience and enabling the device to provide further information to the Homeland Security community and First Responders. This extension is to the high-volume production contract awarded by DARPA in February 2016, which has seen the successful delivery of 10,000 D3S units and field-testing of the standalone detectors in Washington DC and other major areas of strategic importance to the US.

DARPA's SIGMA programme is aimed at preventing attacks involving radiological "dirty bombs" and other nuclear threats in the US and globally. The enhancements to Kromek's leading-edge D3S product range will result in greater operational capability, ease of use and provide more detailed information to the Homeland Security community and First Responders.

Dr Arnab Basu, CEO of Kromek, said: "Having our D3S detectors positioned as a central pillar in DARPA's SIGMA programme is a testament to the capabilities of our state-of-the art technology and the strength of our relationship with DARPA. With field tests continuing in the US and across the globe, the D3S is gaining traction as an invaluable tool to help cities detect and counter the threat of dirty-bomb attacks."

For further information, please contact:

 
 Kromek Group plc 
 Arnab Basu, CEO                     +44 (0)1740 
  Derek Bulmer, CFO                   626 060 
 Cenkos Securities plc (Nominated 
  Adviser and Joint Broker) 
 Bobbie Hilliam (NOMAD)              [phone] 
  Julian Morse (Sales)                8900 
 Cantor Fitzgerald Europe (Joint 
  Broker) 
 Philip Davies                       [phone] 
  Will Goode                          7000 
 Luther Pendragon Ltd (PR) 
 Harry Chathli 
  Claire Norbury                     [phone] 
  Alexis Gore                         9100 
 

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 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 12, 2018 03:00 ET (07:00 GMT)