KMK23 Jun 2014 08:25
Kromek Group PLC Contract Wins
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Kromek Group PLC
23 June 2014
Embargoed until: 0700hrs, 23 June 2014
Kromek Group plc
Contract Wins
Nuclear detection and Breast Cancer imaging technology
("Kromek" or "the Company")
Kromek, a supplier of patented radiation detection technologies to the medical, security and nuclear markets, is pleased to announce that it has signed a number of further contracts, in the Nuclear Detection and Medical markets.
Nuclear Detection
Kromek has been awarded a contract with the US Defense Threat Reduction Agency ("DTRA") for the design, manufacture and optimisation of high sensitivity, next generation, solid state detectors for the homeland security radiation detection market. The contract is worth $1.45 million to Kromek over the next two years and will commence in July 2014.
Commenting on the contract win, Arnab Basu, CEO of Kromek, said "Kromek is delighted to receive this award, which follows on from previous and current successful US Government programmes, and continues Kromek's strategy in leading the field in detector technology and material identification. With other potential future applications of this new technology in security, medical and civil nuclear radiation detection we believe that this programme can further cement Kromek's detector technology platforms into global growing markets".
Additionally contracts, amounting to over $950,000 to supply innovative nuclear detection products to customers in the US and around the world, have recently been signed across a broad range of clients. These contracts are in the process of being fulfilled with revenues due to Kromek now and falling in the financial year ended 2015.
Medical Imaging
Kromek has been granted contracts worth GBP150,000 due over of the next 12 months from the Technology Strategy Board, the UK Government's innovation agency. These are to develop an enhanced detection system for breast imaging in conjunction with the UK's Centre for Process Innovation. The project proposes to develop conformal detectors based on plastic electronic solution which can be wrapped around or inside regions of interest (e.g. breasts, limbs, suspicious packages, parts for inspection) and that the production methods will be cost competitive vs existing silicon technologies. Work on this project has already begun.
Arnab Basu added: "We continue to win new customers in our key markets, highlighting the strength of our technology and the growing adoption of the new capabilities we can offer to partners and customers across the world. We look forward to updating shareholders as to further progress from our strong pipeline in due course."
-ends-
For further information, please contact:
Kromek Group plc Tel: 01740 626060
Arnab Basu, CEO
Derek Bulmer, CFO
Panmure Gordon
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