New contract with long-standing customer

RNS Number : 3747M

Kromek Group PLC

20 January 2016

 

20 January 2016

Kromek Group plc

("Kromek" or the "Company")

New contract with long-standing customer in bone mineral densitometry segment

Repeat order for detector modules in key medical diagnostics area

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 further renewal of its contract with a current customer for delivering its detector modules to be incorporated into the customer's bone mineral densitometry ("BMD") diagnostics systems. The new contract, worth $957,000, is to be delivered over a 20-month period.

The contract is with an existing long-standing OEM customer. The incorporation of the Company's detector modules in the customer's systems enables the most accurate imaging technique to diagnose the strength and health of bones, which allows clinicians to accurately detect, monitor and treat Osteoporosis in patients.

Arnab Basu, CEO of Kromek, said: "We are delighted that this long-standing customer has renewed their supply contract for detectors, which further strengthens our relationship with them. We continue to win repeat business from existing customers and BMD remains a key segment offering growth opportunities over the next 12 to 18 months in addition to our three primary growth target markets of SPECT, CT and networked radiation detectors."

Enquiries

Kromek Group plc
Arnab Basu, CEO Derek Bulmer, CFO	[phone]
Cenkos Securities plc
Bobbie Hilliam (NOMAD) Julian Morse (Sales)	[phone]
Luther Pendragon Ltd
Harry Chathli, Claire Norbury, Alexis Gore	[phone]

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.

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 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. Further information on Kromek Group is available at www.kromek.com.

 

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