Kromek Group PLC Kromek Contract Wins (4521Z)
11 December 2014 - 6:00PM
UK Regulatory
TIDMKMK
RNS Number : 4521Z
Kromek Group PLC
11 December 2014
11 December 2014
Kromek Group plc
("Kromek" or the "Company")
Nuclear detection market contract extension with leading global
security company
Progress achieved across medical, nuclear and security markets
as Kromek expands customer base with new contract wins
Kromek, a radiation detection technology company focusing on the
medical, security and nuclear markets, is pleased to announce that
it has been awarded a $1.0m contract extension by a leading global
security company providing innovative systems, products and
solutions to government and commercial customers worldwide. This
follows the successful completion of the first phase for the design
of Cadmium Zinc Telluride ("CZT") based detectors and ASIC for
nuclear safeguard markets.
Under the terms of the contract for this second phase, Kromek
will focus on the delivery of the new ASIC and detectors as well as
the testing and characterization of detector modules. The Company
expects to deliver this over the next 12 months.
Additionally, the Company has been awarded several new
contracts, worth approximately GBP0.7m in aggregate with GBP0.4m
realisable in the current financial year, for applications across
the Company's three segments.
The majority of the sales are in the medical industry, with
approximately $0.4m attributable to bone mineral densitometry
("BMD") applications. This includes a contract from a leading
global healthcare and diagnostics company for the first phase of a
project to incorporate the Company's detector modules into their
diagnostics systems. In addition, Kromek has received further
contracts from two of its existing OEM customers for CZT-based
detector modules for BMD applications.
Innovate UK (previously the Technology Strategy Board),
sponsored by the UK Government's Department for Business,
Innovation & Skills, has awarded Kromek a contract, worth
approximately GBP0.2m, for an 18-month programme for the
development of a novel radiation detector for the medical and
nuclear markets. This follows the successful delivery of previous
projects, and is the fourth contract to be awarded to Kromek by
Innovate UK in the current financial year.
Kromek has expanded its customer base with the award of its
first contract from another global security technology group.
Additionally, the Company won a new contract worth approximately
$0.25m for the supply of OEM components for its baggage screening
product for aviation security.
Arnab Basu, CEO of Kromek, said: "We are delighted to have been
awarded these contracts, which reflect progress across all of our
business divisions and in multiple geographies. That this includes
both new and existing customers provides further validation of our
technological strength to manipulate a material such as CZT to
enable our customers to make commercially viable products. We look
forward to working with our partners to continue to develop
leading-edge radiation detection solutions to enable safer travel,
safer environments and better patient outcomes."
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, Ivana Petkova 0207 618 9100
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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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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