Kromek Group plc
("Kromek" or "the Company")
Bottle Scanner Orders and New Accreditation
Kromek, a supplier of patented radiation detection technologies to the medical, security and nuclear markets, announces that it has secured a number of orders from UK and European airports for its ECAC (European Civil Aviation Conference) certified Bottle Scanner, which screens passengers' liquid containers for explosives, affording them a quicker and safer passage through security.
As well as receiving orders from nine UK Airports, new orders have been secured to supply airports in Portugal, Cyprus, and Belgium, with negotiations ongoing with other airports in the UK and Europe. The Company has already delivered bottle scanners to a number of the UK airports and these additional units mean that the majority of Kromek's Bottle Scanner sales targets for the current financial year are now either delivered or contracted for delivery in the year to 30 April 2014.
These latest orders build on the presence of Kromek's Bottle Scanners, which have also been sold into airports in Finland, Germany and Australia.
These orders coincide with the phase 1 implementation of a 3 phase International Civil Aviation Organization pathway, mandated in the EU, from January 2014 to January 2016. Phase 1 will initially mandate that all EU airports provide the security screening equipment needed to allow the passage of liquids through airports for connecting passengers. Ultimately, travel restrictions will be relaxed on the passage of all liquids, aerosols and gels by the end of phase 3.
In addition, the Company is pleased to announce that it has received a new certification from the ECAC for an improved Bottle Scanner, which reduces the previous scanning time by half, now allowing the screening process to be completed in just over ten seconds and still retaining the highest performance category in its class.
Commenting on the announcement, Arnab Basu, CEO of Kromek, commented: "We are pleased to announce more progress in the security screening area of our business. We believe that the take-up of our technology by numerous airports across the EU is an excellent validation of our offering. The Bottle Scanner provides one of the simplest ways to scan liquid in sealed containers. Our product can scan and identify liquids in all types of containers without any input from the operator, opening or damaging the products, and provides a simple pass or fail answer.
"The accreditation for our new, shorter-cycle Bottle Scanner from ECAC proves the efficacy of our technology and also shows that we are continually working with our targeted customer base to improve our system and the quality of the user experience."
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For further information, please contact:
Kromek Plc Arnab Basu, CEO Derek Bulmer, CFO |
Tel: 01740 626060 |
Panmure Gordon As Nominated Adviser and Broker Corporate Finance Freddy Crossley/ Grishma Patel Broking Adam Pollock/ Charlie Leigh-Pemberton |
Tel: 020 7886 2500 |
Tavistock Communications Matt Ridsdale Andrew Dunn |
Tel: 020 7920 3150 |
About Kromek
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 70 granted patents and 110 pending applications.
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.
