Global contract wins across all segments

RNS Number : 3516E

Kromek Group PLC

09 February 2015

 



9 February 2015

Kromek Group plc

("Kromek" or the "Company")

Global contract wins across all segments

Progress achieved globally across medical, nuclear and security markets as Kromek secures three new contracts from existing customers

Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has signed new contracts, worth a total of $1.1 million, with existing clients across all three of its target segments and in multiple geographies.

In the medical market, Kromek has secured $564,000 in new orders to supply radiation detectors and integrated electronic components to a leading global Original Equipment Manufacturer ("OEM") of dual energy x-ray bone mineral densitometry ("DEXA BMD") systems. DEXA BMD is the most accurate imaging technique to diagnose the strength and health of bones, allowing clinicians to accurately detect, monitor and treat Osteoporosis in patients.  

In the nuclear detection and security markets, Kromek has secured new orders, worth $367,000, with a customer in Asia to supply its SPECT-DM Nuclear Imager and the recently launched eValuator™-3500 x-ray imager detection modules for improved materials identification in nuclear and security applications. In addition, the Company has received a repeat order, worth $120,000, from a leading OEM in the US to supply its patented detection modules to enhance the OEM's radiation detection capabilities for its security applications.

The three new contracts will be delivered within the next 12 months with a large proportion of the revenue realised within the current fiscal year.  

Arnab Basu, CEO of Kromek, said: "We are delighted to have been awarded these three new contracts that illustrate the progress Kromek continues to achieve across all of our target segments and in multiple geographies, including Asia - a key growth market. The new deals demonstrate the confidence our customers have in our products and further validate the benefits of our enhanced radiation detection capabilities. As current and new customers continue to adopt Kromek's patented CZT-based technology, our products are gaining increased traction worldwide. We look forward to further strengthening our long-term customer relationships and building new ones across all of our target markets."

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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