Cemtrex Receives Multi-million Dollar Order From New Customer
Farmingdale, NY, April 10, 2017 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXW, CETXP), a world leading industrial and manufacturing solutions company, announced today that it received a multi-million dollar order from a new customer, HBH GmbH. Cemtrex expects to execute this order over the next 18-month period.
The order from HBH will rely on Cemtrex’s expertise to build electronic components for high-power HF amplifiers to be used in the FRIB particle accelerator at Michigan State University. Founded in 1999, HBH GmbH is located in Stutensee, Germany, and provides solutions and engineering services in the field of communication, radar, high-frequency components as well as high power amplifiers for customers worldwide.
Particle accelerators find extensive use in the semiconductor industry in chip manufacturing and in hardening the surfaces of materials such as those used in artificial joints. Whether it’s medical or scientific research, consumer product development or national security, particle accelerators touch nearly every part of our daily lives.
With this new customer and other existing customer needs, Cemtrex’s management team is optimistic for meeting its organic growth targets over the next year, based on customers’ current purchasing volumes.
Cemtrex Chairman and CEO Saagar Govil (@SaagarGovil) commented, “We are excited to be working with HBH GmbH in supporting Michigan State University on this unique application. We believe that working on extremely complex high-tech electronics such as this validates our underlying strategy to focus on niche high-value markets. This strategy is expected to allow us to maintain our strong track record of growth and deliver long term value to our shareholders.”
Joachim Schrag, HBH project manufacturing lead, noted, “We are thrilled to have Cemtrex onboard with this project. We selected the company because we feel confident in their workmanship and ability to deliver high-quality product to us in a timely manner.”
About Cemtrex
Cemtrex Inc. (Nasdaq: CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants and greenhouse gases used in carbon trading globally.
www.cemtrex.com
@Cemtrex
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. This release may contain non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and to make operating decisions.
Investor Relations Cemtrex Inc. Phone: 631-756-9116 investors@cemtrex.com www.cemtrex.com Twitter: @cemtrex
Released April 10, 2017