Five-Year Contract in Security Screening Market

RNS Number : 4881X

Kromek Group PLC

22 February 2017

 

22 February 2017

Kromek Group plc

("Kromek" or the "Company")

Kromek Awarded Five-Year Contract in Security Screening Market

First long-term contract in security screening as customer moves from R&D phase to full commercialisation

Kromek (AIM: KMK), a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded a five-year contract, valued at a minimum of $3.1m over the period, by an existing US-based customer that is an emerging leader and global company in the homeland security marketplace.

Kromek has developed key components to be incorporated into the customers' new generation security screening system for the detection of explosives. This security screening equipment has regulatory certification and provides advanced capability for screening current threats, and is ideal for the detection of homemade explosives.  

Dr Arnab Basu, Chief Executive Officer of Kromek, said: "We are delighted to announce our first long-term contract in the security screening market. It is also significant because this is another OEM customer that has moved from being an R&D customer to one who is entering a commercial phase. This contract win adds to the visibility of revenues underpinning our belief in the continuing growth of the business and commercial traction resulting from the increasing adoption of our technology."

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 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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