Cemtrex Announces $1.1 Million Order in Advanced Technologies Segment

Rhea-AI Summary

Cemtrex (NASDAQ: CETX, CETXP, CETXW) has secured a $1.1 million order to implement a security surveillance system at a large corrections facility in the UK. This enterprise-class system comprises advanced video surveillance technology, Valerus software, cameras, and storage hardware, with fulfillment expected within the fiscal year. CEO Saagar Govil highlighted that the corrections market remains a significant growth area, with April bookings aligning with pre-COVID levels, indicating a recovery in the market and ongoing demand for their security solutions.

Positive

• Secured a $1.1 million order for a security surveillance system.
• Fulfillment of the order is expected within the current fiscal year.
• April bookings were in line with pre-COVID levels, indicating market recovery.
• The corrections market is identified as a key growth driver.

Negative

• None.

Corrections Facility in the United Kingdom to Install Security Surveillance System

Brooklyn, NY, May 20, 2021 (GLOBE NEWSWIRE) -- — Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has received a $1.1 million order to install a new security technology system through its Advanced Technology Segment for a large corrections facility in the United Kingdom.

The enterprise-class system includes a state-of-the-art video surveillance security system, Valerus software solution, cameras and related storage hardware, and is expected to be fulfilled during the remainder of this fiscal year. The details of the customer were not provided due to confidentiality agreements in place.

“The corrections market continues to be a key growth driver for the Company both in the U.S and internationally,” said Saagar Govil, Chairman and CEO of Cemtrex. “Our end-to-end solution provides the corrections market with highly reliable, flexible, and simple-to-use technology that meets the specialized video management needs of the unique prison environment.

“This new order reaffirms the positive demand and outlook for our core Security Technology vertical as this market continues to improve. April bookings for this part of our business were in line with pre-Covid levels, giving us confidence that our markets are starting to see some economic recovery after COVID-19. With our internationally recognized brand, we expect continued momentum in this vertical as a wide range of state and local corrections facilities choose our technology to keep their operations safe for prisoners, workers and visitors.”

About Cemtrex

Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems.
www.cemtrex.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities.  These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements.  Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission.  All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.

FAQ

What recent order did Cemtrex secure in May 2021?

Cemtrex secured a $1.1 million order to install a security surveillance system at a corrections facility in the UK.

What technologies are included in Cemtrex's recent security system order?

The order includes a state-of-the-art video surveillance system, Valerus software, cameras, and related storage hardware.

How does Cemtrex's recent order impact its business outlook?

The order reaffirms positive demand and outlook for Cemtrex's security technology vertical, indicating recovery in the corrections market.

What is the significance of April 2021 bookings for Cemtrex?

April bookings were in line with pre-COVID levels, suggesting economic recovery in the corrections market.

What are the stock symbols for Cemtrex?

Cemtrex's stock symbols are CETX, CETXP, and CETXW.