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? Embargoed until: 0700hrs, 4 April 2014 Kromek Group plc ("Kromek" or "the Company") New Contract Signed in Medical Imaging Market for Supply of CZT Detection Modules Kromek, a supplier of patented radiation detection technologies to the medical, security and nuclear markets, is pleased to announce that it has signed a long term contract with an established SME manufacturer of x-ray diagnostics and analysis equipment in China. The contract grants the manufacturer preferential rights for the supply of Kromek's innovative CZT-based detection modules in China and Chinese territories. These rights are for an existing medical diagnostic application with a large market potential and the exclusive supply agreement is conditional upon minimum annual revenues to Kromek. Kromek retains full rights to the product in all other territories. Kromek has been working with the manufacturer for the past nine months to agree the suitability and detailed structure of a long-term supply agreement. For continued exclusivity the contract provides for revenues of $1.4m and $10.2m in the Financial Years 2014-15 and 2015-16 respectively and the overall value of the contract over the next seven years is up to $159m, subject to the customer meeting its contractual revenue targets. Advanced cash payments totalling $260,000 are expected from the customer in the current Financial Year, part of which has already been received. The first supply commences in October 2014. Commenting on the announcement, Arnab Basu, CEO of Kromek, said: "We are pleased to announce significant, further traction in the medical imaging space, particularly in a large, high growth market such as China. The signing of this contract represents further endorsement of our offering and highlights the role we can play as global medical imaging capability advances, with Kromek's technology at its heart as a key enabler." "Kromek will continue to explore the opportunities for our technology platform in the medical imaging, nuclear detection and security screening markets and we look forward to updating shareholders as to progress in due course." -ends- For further information, please contact: Kromek Group plc Arnab Basu, CEO Derek Bulmer, CFO Tel: 01740 626060 Panmure Gordon As Nominated Adviser and Broker Corporate Finance Freddy Crossley Broking Adam Pollock/ Charles Leigh-Pemberton Tel: 020 7886 2500 Tavistock Communications Matt Ridsdale Andrew Dunn Tel: 020 7920 3150 About Kromek Group plc Kromek Group plc is a UK technology company (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT"). Using its core CZT technology Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and
Let me just briefly go through a few things here .. Firstly from 70p down to 35p on a RNS which was half decent ... No way it deserves a 70% drop from last week ... Please read the RNS once again the revenue dropped due to delays ONLY ... That in no way says company is under performing they are actually winning contracts and renuing exsisting contracts HOLD TIGHT ... THE DELAYED CONTRACTS ARE COMING
The pipeline includes substantial new orders that we hope to announce in the near future, which could materially impact our growth expectations going forward. Kromek continues to win contracts across its three target markets and has seen substantial growth in current order booking. In medical imaging, Kromek's $5.3m mutually exclusive contract for developing and supplying CZT based multispectral (colour) detectors for the CT market with one of the top four OEMs continues to progress well. During the year Kromek has also been awarded substantial contracts in the SPECT and the BMD markets.
The pipeline includes substantial new orders that we hope to announce in the near future, which could materially impact our growth expectations going forward. Kromek continues to win contracts across its three target markets and has seen substantial growth in current order booking. In medical imaging, Kromek's $5.3m mutually exclusive contract for developing and supplying CZT based multispectral (colour) detectors for the CT market with one of the top four OEMs continues to progress well. During the year Kromek has also been awarded substantial contracts in the SPECT and the BMD markets.