Nuclear security contract with new OEM customer

RNS Number : 0757R

Kromek Group PLC

26 February 2019

 

26 February 2019 

Kromek Group plc

("Kromek" or the "Company")

Kromek secures multi-year nuclear security contract with new OEM customer

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 contract by a new OEM customer to supply CZT detectors for use in the nuclear security market.

The contract, which commences immediately, is worth at least $1.4 million and will be delivered over a three-year period, with minimum annual volumes for each year.   

Arnab Basu, CEO of Kromek, commented: "It is very pleasing to sign another multi-year contract with a new OEM customer in the nuclear security market. This further validates the strength of our high-resolution detectors that enable accurate identification of threats. The contract increases our visibility of future revenue and, with our recent fundraising, we are better able to capitalise on similar opportunities in this fast-growing market."

For further information, please contact:

Kromek Group plc
Arnab Basu, CEO Derek Bulmer, CFO	[phone]
Cenkos Securities plc
Max Hartley (NOMAD) Julian Morse (Sales)	[phone]
Luther Pendragon Ltd
Harry Chathli Claire Norbury Alexis Gore Joe Quinlan	[phone]

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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