Cemtrex Appoints Former Sony Product Development Executive as VP of Advanced Technologies Subsidiary
Leading the development and commercialization planning for Cemtrex’s proprietary IoT and wearables products
Farmingdale, NY, Aug. 15, 2017 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading industrial and manufacturing company, today announced the appointment of Joe Novelli to VP of Cemtrex Advanced Technologies Inc., to pursue the development and commercialization of proprietary and collaborative Internet of Things (“IoT”) and wearable technology products.
Cemtrex’s Chairman and CEO Saagar Govil commented, “Joe provides us with a deep skillset in product development and commercial market experience that we need in order to successfully bring the technologies our team has envisioned to fruition. He has a proven track record of bringing cutting edge products to market effectively for some of the leading companies in the consumer technology market. I am confident that with Joe’s guidance, we are on the right path to successfully launch our proprietary technologies into the market.”
For more than 20 years, Novelli has held numerous positions at Sony Electronics and Sharp as a developer of new products and market opportunities for a broad line of electronic products. Prior to joining Cemtrex, Novelli was VP of Solutions Planning for Sony’s Digital Paper Solutions division. Under his leadership, Sony developed and launched an advanced new tablet called Digital Paper, offering a realistic paper like screen for reading and annotation of documents. Novelli was also VP of Strategic Product Planning for Sony Audio products, as well as VP of Wireless Platform in Sony’s Digital Reading Business Division, where he developed Sony’s flagship ebook reader and ebook service.
“It is exciting to join Cemtrex at this stage in the Company’s history, as the company looks to expand its activities to develop proprietary technologies. The size of the Company will allow us to be nimble and aggressive when addressing opportunities and challenges as they are presented,” stated Novelli. “I look forward to working with the team on developing some of the product concepts they are already working on. The IoT and Wearable markets are rapidly growing areas and I believe Cemtrex is in an ideal position to be competitive in such markets. The addressable markets for these products are significant, as they offer broad commercial and consumer appeal.”
The Cemtrex Advanced Technology subsidiary is leveraging the Company’s existing design and engineering experience in developing advanced electronic products for third parties to develop new products and solutions, both proprietary and in partnership with other companies, for IoT and wearable applications. The Company plans to pursue collaborative partnerships with OEMs that are looking to incorporate intelligence and connectivity into their everyday products such as: furniture, consumer wearables, industrial safety wearables, and other consumer devices. Cemtrex will look to focus on developing systems, hardware solutions for both consumer and industry applications, and software solutions.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants. The Company also develops its own proprietary IoT and wearable devices.
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 August 15, 2017