Kromek Group PLC Five-year $7.8m baggage screening contract (6929H)

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                          [phone] 
 Cenkos Securities plc (Nominated Adviser 
  and Joint Broker) 
 Max Hartley (NOMAD) 
  Julian Morse (Sales)                       [phone] 
 Cantor Fitzgerald Europe (Joint Broker) 
 Philip Davies 
  Will Goode                                 [phone] 
 Luther Pendragon Ltd (PR) 
 Harry Chathli 
  Claire Norbury 
  Alexis Gore                                [phone] 
 

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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November 19, 2018 02:00 ET (07:00 GMT)