30 May 2018
Kromek Group plc
("Kromek" or the "Company")
Kromek secures five-year contract for gamma detectors from existing medical sector customer
Long-term, repeat order worth $1.2 million for detector modules to enhance location of tumours
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 five-year contract renewal by an existing customer in the gamma detection market for the supply of its detector modules. The contract is worth $1.2 million across the five years and commences immediately.
Under the terms of the contract, Kromek will supply its cadmium zinc telluride-based ("CZT") detector modules for incorporation in the customer's products. The density of CZT means that its incorporation significantly improves the sensitivity of positive detection of cancerous tumours.
Dr Arnab Basu, CEO of Kromek, said: "I am pleased to receive this long-term contract from our existing customer reaffirming their commitment for the next five years. This is a result of the high-quality products and services we have provided them throughout the last few years. We are continuing to develop new business opportunities in our core markets while serving our existing customers, which are important for the continuing growth of the business."
For further information, please contact:
Kromek Group plc |
|
Arnab Basu, CEO Derek Bulmer, CFO |
+44 (0)1740 626 060 |
Cenkos Securities plc (Nominated Adviser and Joint Broker) |
|
Max Hartley (NOMAD) Julian Morse (Sales) |
+44 (0)20 7397 8900 |
Cantor Fitzgerald Europe (Joint Broker) |
|
Philip Davies Will Goode |
+44 (0)20 7894 7000 |
Luther Pendragon Ltd (PR) |
|
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.
