Cemtrex Receives $1.0 Million Contract from Pennsylvania Borough Stewartstown

Rhea-AI Summary

Cemtrex Inc. receives a $1.0 million order for a project through its subsidiary, Advanced Industrial Services, following the acquisition of Heisey Mechanical. The contract extends into 2024 and includes various improvements. AIS plans to utilize internal employees for more portions of the project. The acquisition enables AIS to expand into new markets and increase revenue growth in the water treatment industry.

Positive

• Cemtrex Inc. receives a $1.0 million order for a project through its subsidiary, Advanced Industrial Services
• The acquisition enables AIS to expand into new markets and increase revenue growth in the water treatment industry

Negative

• None.

First Contract Under Recently Acquired Heisey Mechanical Ltd.

Brooklyn, NY, Sept. 26, 2023 (GLOBE NEWSWIRE) --  – Cemtrex Inc. (Nasdaq: CETX, CETXP), an advanced security technology and industrial services company, has received a $1.0 million order through its subsidiary, Advanced Industrial Services (“AIS”), for the Pennsylvania Stewartstown Borough Authority, Stewartstown WWTP Sludge Dewatering improvements project.

The project includes, but it not limited to, removing, and replacing the existing boiler, unit heaters, sludge pump, sludge piping, sludge belt press, removing above ground tanks, and renovating the existing boiler room. The contract extends into 2024 and is a multi-trade project in which AIS will utilize internal employees to complete more portions of the project directly rather than subcontract work due to AIS’ expanded service offerings.

“This is our first project win following our acquisition of Heisey Mechanical, a leading service contractor and steel fabricator that specializes in industrial and water treatment markets,” said Saagar Govil, Chairman and CEO of Cemtrex. “Now integrated with AIS, the company continues to provide the water treatment industry with a variety of fabricated vessels and equipment including ASME pressure vessels, heat exchangers, mix tanks, reactors, and other specialized fabricated equipment.

“The acquisition is enabling AIS to expand our fabrication capabilities into new markets, including government and industrial verticals, as well as geographies we are not servicing today. With this contract, we are working to replace and upgrade the existing sludge removal facilities for Stewartstown, a borough in York County, Pennsylvania. Many of the nation’s more than 16,000 wastewater treatment plants are approaching the end of their lifespans and, according to the American Society of Civil Engineers Infrastructure Report Card, the annual water infrastructure capital investment gap is $81 billion. Demand for water treatment systems and services will continue to grow as cities and municipalities across the country work to upgrade their facilities. With its expanded capabilities, we believe AIS can continue to build revenue growth with additional wins in the commercial and industrial water treatment industry, as well as other service industries,” concluded Govil.

About Cemtrex

Cemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc.

Vicon Industries, a subsidiary of Cemtrex Inc., is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solutions. For more information visit www.vicon-security.com

AIS – Advanced Industrial Services, a subsidiary of Cemtrex, Inc., is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical, welding. AIS Installs high precision equipment in a wide variety of industrial markets including automotive, printing & graphics, industrial automation, packaging, and chemicals. AIS owns and operates a modern fleet of custom designed specialty equipment to assure safe and quick installation of your production equipment. Our talented staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information visit www.ais-york.com

For more information visit 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.