Cemtrex Sees Increased Demand from IoT and Wearable Electronics Markets
Farmingdale, NY, March 01, 2018 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), today provided an update on its Electronics Manufacturing Services (EMS) business unit, ROB Cemtrex (www.robcemtrex.com). The company continues to see strong incoming orders and new customer acquisition.
The Company has received new orders in a number of fast growing industries including electronic medical devices, internet of things (IoT), and wearable technology. The Company’s backlog from electronic medical device sales alone stands at $12.6 million, the highest level in the Cemtrex’s history. The Company believes the outlook for demand in the electronic medical device market remains robust.
Cemtrex also received a new order for approximately $400,000 to manufacture electronic components for an innovative IoT, “Alexa” enabled, home appliance manufactured by a newly acquired billion-dollar European customer, Blanc & Fischer. The Company is also seeing demand from its wearable customers expected to increase almost 66% this year in 2018 compared to 2017.
Cemtrex Chairman and CEO, Saagar Govil, said, “We are pleased with the continued progress we are making in our EMS business. IoT and wearable demand continues to drive innovation and enable new products across many different categories and will become an important segment for us in the coming years. We remain optimistic about the long term growth potential of this business across the different markets we are competing in and continue to win new sustainable business. Additionally we are looking forward to unveiling our own IoT flagship product, a smart desk, this upcoming May.”
The Company completed the consolidation of its two German factories while leaving a smaller team to service an important customer. For more information on the planned release of the smart desk, please visit www.cemtrexat.com and sign up to get updates.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a world leading multi-industry company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, extensive industrial services, integrated hardware and software solutions, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates and other regulated pollutants. The Company also develops its own proprietary IoT and wearable devices.
www.cemtrex.com
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
Investor Relations Cemtrex, Inc. Phone: 631-756-9116 investors@cemtrex.com
Released March 1, 2018