Kromek Group PLC New $12.6m contract with existing OEM customer (5831W)
28 April 2016 - 4:01PM
UK Regulatory
TIDMKMK
RNS Number : 5831W
Kromek Group PLC
28 April 2016
28 April 2016
Kromek Group plc
("Kromek" or the "Company")
Kromek secures a five-year contract totalling $12.6m with
long-standing OEM customer
Development and supply of detectors for launch of new generation
of bone mineral densitometry systems
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 new contract with a current
OEM customer, a worldwide producer and exporter of bone mineral
density ("BMD") diagnostics systems, for developing and supplying
detectors to be incorporated into the customer's new generation
systems. The contract, worth $12.6m, is expected to start during
the first half of the financial year to 30 April 2017 and to be
delivered over a 5-year period.
Under the terms of the agreement, Kromek's detector modules will
be incorporated into the customer's systems to produce some of the
most accurate imaging to diagnose the strength and health of bones.
The new generation of diagnostic systems will allow clinicians to
accurately detect and monitor progression of osteoporosis in
patients resulting in more effective treatment.
Arnab Basu, CEO of Kromek, said: "It is very pleasing to secure
such a significant contract from a long-standing customer. It
strengthens our relationship with them and further validates the
benefits of our BMD diagnostic systems. The agreement represents
the continued healthy conversion of our pipeline into orders as we
continue to win new business in the medical sector and across our
key target markets of SPECT, CT and networked radiation
detectors."
Enquiries
Kromek Group plc
-------------------------------- ---------------
Arnab Basu, CEO +44 (0)1740
Derek Bulmer, CFO 626 060
-------------------------------- ---------------
Cenkos Securities plc
-------------------------------- ---------------
Bobbie Hilliam (NOMAD) +44 (0)20 7397
Julian Morse (Sales) 8900
-------------------------------- ---------------
Luther Pendragon Ltd
-------------------------------- ---------------
Harry Chathli, Claire Norbury, +44 (0)20 7618
Alexis Gore 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.
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTAKODDKBKBAQB
(END) Dow Jones Newswires
April 28, 2016 02:01 ET (06:01 GMT)
Kromek (LSE:KMK)
Historical Stock Chart
From Apr 2024 to May 2024
Kromek (LSE:KMK)
Historical Stock Chart
From May 2023 to May 2024