4 September 2017
Kromek Group plc
("Kromek" or the "Company")
Kromek Secures Five-Year Agreement with New Customer in Security Screening Market
$2m contract with a new OEM customer is the second long-term contract Kromek has won in the security screening market in 2017
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 five-year contract, worth $2.0m over the period, by a new OEM customer, a leading company in X-Ray Imaging Systems.
Under the terms of the agreement, the customer will incorporate Kromek's technology into its baggage security screening systems to enhance detection of an extensive range of threat materials. Revenues from the agreement will commence in the current full year 2017/2018.
This is the second long-term contract Kromek has signed in the Security Screening Market in 2017, following the announcement in February 2017 of a five-year $3.1m agreement with an existing US-based customer that is an emerging leader and global company in the homeland security marketplace.
Dr Arnab Basu, Chief Executive Officer of Kromek, said: "We are delighted to secure another long-term contract with a new OEM customer in the security screening market. This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats. We look forward to working with this new customer and developing a long-term relationship with them."
Enquiries
Kromek Group plc |
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Arnab Basu, CEO Derek Bulmer, CFO |
+44 (0)1740 626 060 |
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Cenkos Securities plc |
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Bobbie Hilliam (NOMAD) Julian Morse (Sales) |
+44 (0)20 7397 8900 |
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Luther Pendragon Ltd |
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Harry Chathli, Claire Norbury, Alexis Gore |
+44 (0)20 7618 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.
