Kromek Group PLC Kromek wins new sector-leading global OEM customer (8517D)
November 02 2020 - 2:00AM
UK Regulatory
TIDMKMK
RNS Number : 8517D
Kromek Group PLC
02 November 2020
2 November 2020
Kromek Group plc
("Kromek" or the "Group")
Kromek wins new sector-leading global OEM customer
New agreement worth up to $660k for development of customised
detectors for industrial applications
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 entered into a development
agreement, worth up to $660k, with a US-based, sector-leading
industrial OEM with a global customer base. The majority of the
development programme is scheduled to be delivered during the
Group's current financial year and, following final completion, it
is expected to transition to a multi-year supply contract.
Under the development agreement, the Group will customise one of
its CZT detector platforms for incorporation into the customer's
systems for identifying contaminations during production
processes.
Dr Arnab Basu, CEO of Kromek, said: "We are delighted to have
secured another leading OEM customer with substantial global
operations. This is further validation of the strength of our
solutions. It also demonstrates the versatility of our CZT-based
detector platforms, which transform the imaging and detection
capabilities of our customers' next-generation products to ensure
we can live healthier and safer lives as well as reduce our
customers' cost of operation. We look forward to working with our
new customer to successfully complete this development programme
and establishing a long-term relationship."
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)
Max Hartley (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Luther Pendragon (PR)
Harry Chathli
Claire Norbury
Alexis Gore
Joe Quinlan +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 one hundred 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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