Orders and payments received from global OEMs

RNS Number : 1776S

Kromek Group PLC

05 November 2013

 



Embargoed until: 0700hrs 5^th November 2013

Kromek Group plc

("Kromek" or "the Company")

Orders and payments received from global OEMs

in the SPECT and CT Medical Imaging Markets

Kromek, a UK based technology company, developing high performance materials and products for radiation detection, is pleased to announce that it has received an order for $990,000 to supply its Cadmium Zinc Telluride (CZT) detectors to a long standing Original Equipment Manufacturer (OEM) customer in the Single Photon Emission Computed Tomography (SPECT) market.  The majority of the order is expected to be completed and delivered in the current financial year and represents the conversion of a previously obtained letter of intent (as detailed in the Admission Document dated 10 October 2013) from this customer.

In addition, the Company announces that it has received its expected $1m first year exclusivity payment from a top four OEM in the Computed Tomography (CT) market, as part of its $5.3m mutually exclusive development contract (as detailed in the Admission Document dated 10 October 2013)  for developing and supplying CZT based multispectral (colour) detectors, as part of an intial 2 year programme. The global CT market is estimated to grow to $5.1bn by 2017 and represents one of the major diagnostic modalities in the medical imaging markets worldwide.  The Company is pleased to report that the development programme is progressing as per plan.

Kromek continues to target the development and provision of CZT detector based medical imaging scanners in the SPECT, CT and Bone Densitometry markets, helping to drive constant improvement in the treatment capabilities in healthcare fields such as cancer and osteoporosis.  Commenting on the developments, Arnab Basu, CEO of Kromek, said: "We are delighted to report progress in some of the key markets on which we focus, soon after our successful listing on AIM just a few weeks ago.  Kromek has shown its ability to convert opportunities into contracted orders, which demonstrates the strength of our technology and strategy in these fields.  We look forward to developing further our relationships with global OEMs as we continue to grow."

"We have proven multispectral detection and imaging technologies which we are working hard to help combine into medical imaging systems for our global customers, providing them with a means to improve diagnostic capabilities resulting in better clinical outcomes."

-ends-

For further information, please contact:

Kromek Plc Arnab Basu, CEO Derek Bulmer, CFO	Tel: [phone]
Panmure Gordon As Nominated Adviser and Broker Corporate Finance Fred Walsh / Freddy Crossley/ Grishma Patel Broking Adam Pollock/ Charlie Leigh-Pemberton	Tel: [phone]
Tavistock Communications John West Matt Ridsdale Andrew Dunn	Tel: [phone]

 

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