Directorate Change

RNS Number : 6312I

Kromek Group PLC

27 March 2015

 

27 March 2015

Kromek Group plc

("Kromek" or the "Company")

Directorate Change

Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, announces that it has been informed by its Chairman and Director, Mr Richard Morgan, of his intention to step down from his position and the Board of Directors with immediate effect. Mr. Richard Morgan is resigning to focus on his other business interests.

Professor Brian Tanner, Deputy Chairman of Kromek, said: "Richard has been an important source of influence and has helped us since he first joined us in 2005 and more importantly as our Chairman since 2008, taking us through the IPO process and beyond. We wish him well in the future."

Professor Tanner will act as Chairman until the board elects a new Chairman and the Company will report progess on that in due course.

Enquiries

Kromek Group plc
Arnab Basu, CEO Derek Bulmer, CFO	01740 626 060
Panmure Gordon (Nominated Adviser and Broker)
Freddy Crossley - Corporate Finance Charles Leigh-Pemberton - Broking	0207 886 2500
Luther Pendragon
Harry Chathli, Claire Norbury, Alexis Gore	0207 618 9100

About Kromek Group plc

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 250 pieces of IP.

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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