Cemtrex Secures Additional $1.1 Million Vicon Industries Order from Border Protection Customer in Texas

Rhea-AI Summary

Cemtrex Inc. has received a $1.1 million order to develop its security technology system for a large border protection customer in Texas. The order expands on a previous $1.5 million order and is expected to be fulfilled by Q2 2023. The global border security system market is projected to reach $43.6 billion in 2023 and grow at a CAGR of 5.8% to reach $76.9 billion by 2033.

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• Cemtrex Inc. has received a $1.1 million order to develop its security technology system for a large border protection customer in Texas, expanding on a previous order and indicating potential growth in the company's security solutions business segment. The order is expected to be fulfilled by the second quarter of the calendar year, providing a near-term revenue boost for Cemtrex. The global border security system market is also projected to grow at a CAGR of 5.8% and reach $76.9 billion by 2033, indicating a favorable market environment for Cemtrex's security technology solutions.

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Hauppauge, NY, May 04, 2023 (GLOBE NEWSWIRE) --  Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced it has received a $1.1 million order through Vicon Industries from a current large border protection customer in Texas to develop its security technology system with new solutions, expanding on the customer’s $1.5 million order in January 2023.

With Vicon’s software solution currently deployed at the site, the new order builds on the customer’s state-of-the-art video surveillance security capabilities with the addition of additional award-winning Roughneck cameras and servers. The order is expected to be fulfilled by the second quarter of the calendar year. Details of the customer were not provided due to confidentiality agreements in place. According to Persistence Market Research, the global border security system market size is set to reach $43.6 billion in 2023 and will grow at 5.8% CAGR to reach $76.9 billion by 2033.

“Increasing modernization of the current security infrastructure is accelerating the growth of the border security market,” said Saagar Govil, Chairman and CEO of Cemtrex. “With the rise of geopolitical instabilities and an increase in threat assessments, countries around the world are employing advanced security systems on their borders. Ground systems including video management systems and surveillance cameras are a critical component to safeguard these highly dynamic environments. Other border concerns include a 207% rise in Fentanyl seizures since 2020 and an increase in southwest land border encounters from 500,000 in 2020 to 2.4 million in 2022, according to the U.S. Customs and Border Protection agency, is adding to calls for increased protections.”

“Developments in advanced electronic devices such as computer vision, sensors, artificial intelligence, and machine learning are playing a critical role in powering these modern systems and providing additional savings by reducing manpower needs. We believe our Roughneck cameras and Valerus video management software solutions are an ideal solution for border protection customers seeking advanced surveillance solutions, and due to increasing demand, will provide long term growth for Vicon,” 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

Advanced Industrial Services (“AIS”), 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.

FAQ

What is the value of the order received by Cemtrex Inc.?

Cemtrex Inc. has received a $1.1 million order to develop its security technology system for a large border protection customer in Texas.

When is the order expected to be fulfilled?

The order is expected to be fulfilled by the second quarter of the calendar year.

What is the projected growth of the global border security system market?

The global border security system market is projected to reach $43.6 billion in 2023 and grow at a CAGR of 5.8% to reach $76.9 billion by 2033.

What are the key factors driving the growth of the border security market?

Increasing modernization of security infrastructure, rise in geopolitical instabilities, and an increase in threat assessments are driving the growth of the border security market.

What are the advantages of Cemtrex's Roughneck cameras and Valerus video management software solutions?

Cemtrex's Roughneck cameras and Valerus video management software solutions are advanced surveillance solutions that leverage computer vision, sensors, artificial intelligence, and machine learning. They offer enhanced security capabilities and potential cost savings by reducing manpower needs.