Directorate Change

RNS Number : 1019V

Kromek Group PLC

10 December 2013

 



Embargoed until: 0700hrs, 10 December 2013

Kromek Group plc

("Kromek" or "the Company")

Directorate Change

Kromek, a supplier of patented radiation detection technologies to the medical, security and nuclear markets, announces that Mr Derek Bulmer (age 47) has been appointed to the Company's Board as an Executive Director with immediate effect.

Mr Bulmer has held the position of Chief Financial Officer at Kromek since 2010 and will continue in this role.

Derek qualified as a Chartered Accountant in 1992 and more recently as a Barrister following his call to the bar at the Middle Temple in July 2010. Following a period with KPMG, Derek worked in a number of senior management positions with blue chip plcs including Bass plc, AWG plc and Ibstock plc. Most recently, Derek worked as Finance Director of privately owned groups in both the IT and Oil & Gas industries. Derek is a director of consultancy firm, DB LMS Ltd.

There is no other information that is required to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in relation to the appointments of Derek Bulmer.

Commenting on the announcement, Arnab Basu, CEO of Kromek, commented: "I am pleased to announce that Derek Bulmer has joined me as the second Executive Director of the Board.

"Derek is a valuable member of the executive management team, and provides substantial legal and financial expertise, as well as his wider experience to the Company. Following on from our recent IPO on AIM, we welcome Derek to the Board and look forward to his continued contribution to the development of the Company in this exciting growth period."

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For further information, please contact:

Kromek Plc Arnab Basu, CEO Derek Bulmer, CFO	Tel: [phone]
Panmure Gordon As Nominated Adviser and Broker Corporate Finance Freddy Crossley/ Grishma Patel Broking Adam Pollock/ Charlie Leigh-Pemberton	Tel: [phone]
Tavistock Communications Matt Ridsdale Andrew Dunn	Tel: [phone]

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.

 

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