Last checked at 26 Oct 2021 07:00
26 October 2021
Kromek Group plc
("Kromek" or the "Group")
Kromek awarded supply contract by US based OEM customer
Up to $17million contract awarded following successful progression of development program
Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, is pleased to announce that it has been awarded a seven-year supply agreement by a US based, sector-leading industrial OEM with a global customer base. The agreement for Kromek's first-generation contaminant detection solution, has a value of up to $17 million over the life of the contract and is expected to commence in the current financial year.
The contract was awarded following the successful progression of a two-year development program announced on 02 November 2020. Under this program, Kromek provided a CZT based detector solution for incorporation into the OEM's systems for identifying contaminants during production processes for the purpose of product quality inspection.
Dr Arnab Basu, CEO of Kromek, said:
"We are delighted at the success of our collaboration with our OEM customer who has substantial global operations and market share in this sector. Our customer is dedicated to introducing best-of-breed solutions in their next-generation products to ensure we can live healthier and safer lives. We anticipate developing further products for this customer to support their ambitions."
This announcement contains inside information.
For further information, please contact:
Kromek Group plc |
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Arnab Basu, CEO Paul Farquhar, CFO | +44 (0)1740 626 060 |
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Cenkos Securities plc (Nominated Adviser and Broker) |
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Camilla Hume/Giles Balleny (NOMAD) Julian Morse (Sales) | +44 (0)20 7397 8900 |
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Luther Pendragon (Financial PR) |
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Harry Chathli/Claire Norbury | +44 (0)20 7618 9100 |
About Kromek Group plc
Kromek Group plc is a 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 150 full-time employees across its global operations. Further information on Kromek Group is available at www.kromek.com and https://twitter.com/kromekgroup.