Kromek Group PLC Kromek awarded Nuclear Detection contract (5575R)

TIDMKMK

RNS Number : 5575R

Kromek Group PLC

09 March 2021

9 March 2021

Kromek Group plc

("Kromek" or the "Group")

Kromek awarded Nuclear Detection contract worth a minimum of $960,000

The Group's CZT technology to be incorporated into a new radiation detection product available in Asia

Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, announces that it has been awarded a contract worth a minimum of $960,000 in the Nuclear Detection segment, of which approximately $150,000 will be realised in the current financial year.

The Group will receive $260,000 to customise its CZT detector platform for integration into a new radiation detection product that will be available in Asia. This development work will commence immediately and be completed by the end of this calendar year. The Group will then supply the customised platform under a three-year contract, which is worth a minimum of $700,000.

Dr Arnab Basu, CEO of Kromek, said: "We are delighted to have been designed into another product in the nuclear detection market. By incorporating Kromek's CZT technology, our customers are able to differentiate their radiation detection products by offering a superior performance while maintaining a small footprint. We are also pleased that this long-term contract will contribute to our revenues for the current period as well as support our visibility over the next three years. We look forward to developing this customised solution and expanding our relationship with this product manufacturer."

For further information, please contact:

 
 Kromek Group plc 
 Arnab Basu, CEO 
  Paul Farquhar, CFO                         [phone] 
 Cenkos Securities plc (Nominated Adviser 
  and Broker) 
 Max Hartley/Camilla Hume (NOMAD) 
  Julian Morse (Sales)                       [phone] 
 Luther Pendragon (PR) 
 Harry Chathli/Claire Norbury/Joe Quinlan    [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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March 09, 2021 02:00 ET (07:00 GMT)