Cemtrex Receives $0.5 Million Upgrade Order in Advanced Technologies Segment

Rhea-AI Summary

Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has received a $500,000 order for upgrading a security technology system at a Tennessee corrections facility. This upgrade will enhance the existing system with over 1,000 cameras and state-of-the-art software. CEO Saagar Govil noted that this order reflects a positive outlook for their Security Technology segment, showcasing a year-on-year increase in orders. The shipment is scheduled for October 2020, and this order supports the anticipated top-line growth for Cemtrex in FY 2021 as the market continues to recover.

Positive

• $500,000 order received for security technology upgrade.
• Upgrade includes over 1,000 cameras and advanced software.
• Reflects year-over-year growth in Advanced Technologies Segment.
• CEO indicates confidence in continued revenue increases and market recovery.

Negative

• None.

Corrections Facility in Tennessee to Upgrade Security Surveillance System Including Over 1,000 Cameras

Brooklyn, NY, Oct. 08, 2020 (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 $500,000 order to upgrade a security technology system through its Advanced Technology Segment for a large Tennessee based corrections facility.

The mission-critical enterprise-class system is an upgrade from Cemtrex’s legacy system to its latest offering, which includes a state-of-the-art video surveillance security system, Valerus software solution, cameras and related storage hardware.

“This order reaffirms the positive outlook for our core Security Technology vertical as the market continues to improve,” said Saagar Govil, Chairman and CEO of Cemtrex. “Our strong presence in corrections has provided multiple orders for several security surveillance systems, driving revenue increases this year. We are leveraging these gains to further develop advances in our product lines in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision.

“The orders received during the September quarter in our Advanced Technologies Segment were higher on a year over year basis from 2019. This gives us confidence that our end markets are recovering well from COVID-19 and that the Advanced Technologies segment should see top line growth in FY 2021 based on our momentum,” continued Mr. Govil.

The new order was booked in September 2020 and will be shipped in October. The details of the customer were not provided due to confidentiality agreements in place.

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 is the recent order received by Cemtrex Inc. regarding CETX stock?

Cemtrex received a $500,000 order to upgrade a security system at a Tennessee corrections facility.

How many cameras are included in the security upgrade for the corrections facility?

The upgrade includes over 1,000 cameras.

What positive outlook did Cemtrex's CEO provide in the press release?

The CEO mentioned a positive outlook for the Security Technology segment and expected growth in FY 2021.

When will the security technology upgrade order be shipped?

The order is scheduled to be shipped in October 2020.

Does the recent order indicate recovery in Cemtrex's business?

Yes, the order reflects a year-over-year increase and an improving market.