Award of New Contract for Radiation Detectors

RNS Number : 6782Y

Kromek Group PLC

07 March 2017

 

7 March 2017

Kromek Group plc

("Kromek" or the "Company")

Kromek Awarded New Contract for Radiation Detectors

New contract with existing client for security screening

Kromek (AIM: KMK), a radiation detection technology company focusing on the medical, security screening and nuclear markets, is pleased to announce that it has been awarded a contract, valued at $990k, by an existing US-based customer, a global leader in aerospace and defence technologies, for the upgrade of the Company's advanced security screening detectors that the customer has deployed since 2009.

Under the terms of this 12-month contract, Kromek will develop and provide the first annual supply of the upgraded detectors. Furthermore, the contract guarantees that Kromek will continue to be the exclusive supplier for these upgraded detectors for the next 10 years. The upgraded cadmium zinc telluride ("CZT") detectors are critical to the customer's security screening application.

Dr Arnab Basu, Chief Executive Officer of Kromek, said: "We are delighted to receive this new security screening contract from an existing customer that is a major aerospace and defence company. This contract provides further validation of the strength of our advanced radiation detection solutions and adds to the visibility of revenues and strengthens our confidence in the continuing growth of the business."

Enquiries

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

About Kromek Group plc

Kromek Group plc is a UK 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 photon 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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