Cemtrex Receives $1.5 Million Upgrade Order for Vicon Valerus System from Correctional Facility in Maryland

Rhea-AI Summary

Cemtrex Inc. receives $1.5 million order for security technology upgrade in a correctional facility

Positive

• Cemtrex Inc. receives a $1.5 million order through its subsidiary, Vicon Industries, to upgrade the security technology system in a Maryland correctional facility
• The order is expected to be fulfilled in Q3 2023
• Vicon's advanced surveillance technology is attracting customers and driving demand
• Vicon's offering includes video surveillance, access control, and license plate recognition
• Cemtrex Inc. expects additional Vicon orders to drive revenue and momentum

Negative

• None.

Corrections Market Segment Driving Increased Demand at Company

Brooklyn, NY, Aug. 29, 2023 (GLOBE NEWSWIRE) --  Cemtrex Inc. (Nasdaq: CETX, CETXP), an advanced security technology and industrial services company, has received a $1.5 million order through its Vicon Industries subsidiary for a large correctional facility, and current end-customer, in Maryland to upgrade its security technology system with new Valerus software and hardware.

The enterprise-class system installation includes Vicon’s state-of-the-art end-to-end Valerus video surveillance security system and Roughneck AI cameras, as well as servers to support a large increase in storage hardware. The order is expected to be fulfilled in the third quarter of the calendar year. Details of the customer were not provided due to confidentiality agreements in place.

“Vicon continues to expand rapidly on strong demand and sales execution, leveraging its advanced surveillance technology to attract customers,” said Saagar Govil, Chairman and CEO of Cemtrex. “Multiple large orders are demonstrating Vicon’s ability to address escalating demand as end-users seek a reliable source of video surveillance and access control technologies fit for today’s highly dynamic environment.
Vicon offers customers a complete solution with the ability to monitor license plates (LPR), access control and video management, all from Valerus. Its sophisticated – yet simple and flexible – interface helps users monitor and investigate video, audio, alarms, access control, license plate recognition and system health — all without changing windows or systems.

“The escalating need for technology solutions within correctional facilities has become evident in recent years, transforming the way these institutions operate and interact with their environments. With older systems needing replacement, technology systems like Valerus offer innovative tools for enhancing security, communication, and operations. Our correctional customers are increasingly recognizing the urgency of embracing technology to address complex issues and create safer, more effective environments within their facilities. With Vicon’s 55 years of experience and best-in-class offering, we expect additional Vicon orders ahead, driving revenue and momentum,” 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.