Brooklyn, NY, Feb. 21, 2020 (GLOBE NEWSWIRE) -- - Cemtrex (Nasdaq: CETX, CETXP, CETXW) announced today that it has received over $300,000 in new orders for the development of virtual reality (VR) and augmented reality (AR) applications, representing a 500% increase in the current quarter to date from the prior year. The orders were from 3 different customers and the Company expects to execute these orders over the next five months.
The Company expects to close an additional $300,000 in new orders for virtual and augmented reality application development in the current quarter with multiple new customers based on the current sales pipeline for a total of $600,000 in FY Q2. The expected $600,000 in orders represents a 1000% percent increase in orders for VR and AR app development services compared to the same period a year ago. The Company anticipates that demand for VR and AR app development services will continue to increase in the coming quarters and will be a key source of growth for the Company.
Cemtrex is a leading developer of VR and AR applications and has won awards in the industry from Clutch. The Company has unique experience as it has successfully developed many applications already in the space for leading brands like Richemont and its subsidiaries and thus is poised to capture more business in this fast-growing market.
Chairman and CEO of Cemtrex, Saagar Govil, commented, “We are excited to see the rapid pace of demand taking shape in the VR and AR markets. A year ago, there was a lot of discussion taking place conceptually, but now a year later we are seeing companies put budget towards these efforts to realize these cutting-edge technologies. As the market continues to thrive, we believe we are in the right position to capitalize on that growth.”
Augmented and Virtual Realities are among the fastest growing business areas, which are expected to reach over $500 billion by 2025. The industries that will generate VR and AR opportunities include: industrial design, medical diagnostics, entertainment, sports, training simulations, productivity tools, social experiences, manufacturing optimization, app development, tourism, & advertising. All industries whether retail, education, social media, healthcare or manufacturing, will experience widespread disruption and innovation in their products and services by utilizing VR & AR solutions to increase their profitability in the coming decade.
About Cemtrex
Cemtrex, Inc. (NASDAQ; CETX) is a diversified technology company that is driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems. www.cemtrex.com
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings 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.