Kromek enters partnership with CANBERRA Industries

RNS Number : 4690H

Kromek Group PLC

01 December 2015

 

1 December 2015

Kromek Group plc

("Kromek" or the "Company")

Kromek enters partnership with CANBERRA Industries, Inc.

Distribution and R&D agreements with worldwide provider of innovative and high-value nuclear measurement solutions

Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has entered into two agreements with CANBERRA Industries, Inc. ("CANBERRA"), a worldwide provider of nuclear measurement solutions headquartered in the US, for product distribution and R&D collaboration.

Under the distribution agreement, CANBERRA will be the exclusive global distributor for four product families from Kromek's nuclear portfolio (excluding a limited number of territories where Kromek has pre-existing distributor networks). As an established provider and market leader in nuclear instrumentation, CANBERRA has a wide range of products, strong customer relationships and extensive channels to market that Kromek expects to leverage.

Kromek has also entered into a three-year, collaborative R&D programme with CANBERRA. The programme, which is expected to be worth at least $900k over the life of the contract, will see the two organisations work closely together on new product development and customisation of existing products by utilising Kromek's expertise and IP.

CANBERRA has been serving the nuclear community for over five decades. It is a global provider of innovative and high-value nuclear measurement solutions used to maintain the safety of personnel, assess the health of nuclear facilities and safeguard the public and the environment. It operates production and engineering facilities worldwide with 950 employees.

Arnab Basu, CEO of Kromek, said: "We are delighted to be working with one of the world's leaders in nuclear measurement systems. CANBERRA is a global player with established channels to market, which we believe will accelerate our growth in our target markets. Equally, with our expertise in developing innovative technologies, Kromek will enhance CANBERRA's offering. We look forward to working with them and strengthening our relationship as we continue to grow in this key market."

Enquiries

Kromek Group plc	01740 626 060
Arnab Basu, CEO Derek Bulmer, CFO
Cenkos Securities plc	0207 397 8900
Bobbie Hilliam (NOMAD) Julian Morse (Sales)
Luther Pendragon	0207 618 9100
Harry Chathli, Claire Norbury, Alexis Gore

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 the 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.

About CANBERRA

CANBERRA, an AREVA Company, has been serving the nuclear community for over five decades. The company is the leading provider of innovative and high-value nuclear measurement solutions used to maintain safety of personnel, assess the health of nuclear facilities and safeguard the public and the environment. Headquartered in Meriden, CT, USA, CANBERRA operates production and engineering facilities worldwide.  For more information visit www.canberra.com.

 

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