Kromek Group PLC Kromek awarded contract by US based OEM customer (1980Q)
26 October 2021 - 5:00PM
UK Regulatory
TIDMKMK
RNS Number : 1980Q
Kromek Group PLC
26 October 2021
26 October 2021
Kromek Group plc
("Kromek" or the "Group")
Kromek awarded supply contract by US based OEM customer
Up to $17million contract awarded following successful
progression of development program
Kromek (AIM: KMK), a worldwide supplier of detection technology
focusing on the medical, security screening and nuclear markets, is
pleased to announce that it has been awarded a seven-year supply
agreement by a US based, sector-leading industrial OEM with a
global customer base. The agreement for Kromek's first-generation
contaminant detection solution, has a value of up to $17 million
over the life of the contract and is expected to commence in the
current financial year.
The contract was awarded following the successful progression of
a two-year development program announced on 02 November 2020. Under
this program, Kromek provided a CZT based detector solution for
incorporation into the OEM's systems for identifying contaminants
during production processes for the purpose of product quality
inspection.
Dr Arnab Basu, CEO of Kromek, said:
"We are delighted at the success of our collaboration with our
OEM customer who has substantial global operations and market share
in this sector. Our customer is dedicated to introducing
best-of-breed solutions in their next-generation products to ensure
we can live healthier and safer lives. We anticipate developing
further products for this customer to support their ambitions."
This announcement contains inside information.
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Paul Farquhar, CFO +44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser and
Broker)
Camilla Hume/Giles Balleny (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Luther Pendragon (Financial PR)
Harry Chathli/Claire Norbury +44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT") and
other advanced technologies. Using its core technology platforms,
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 radiation detector materials
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 150 full-time employees across its
global operations. Further information on Kromek Group is available
at www.kromek.com and https://twitter.com/kromekgroup.
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END
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