Brooklyn, NY, May 20, 2021 (GLOBE NEWSWIRE) -- — Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has received a $1.1 million order to install a new security technology system through its Advanced Technology Segment for a large corrections facility in the United Kingdom.
The enterprise-class system includes a state-of-the-art video surveillance security system, Valerus software solution, cameras and related storage hardware, and is expected to be fulfilled during the remainder of this fiscal year. The details of the customer were not provided due to confidentiality agreements in place.
“The corrections market continues to be a key growth driver for the Company both in the U.S and internationally,” said Saagar Govil, Chairman and CEO of Cemtrex. “Our end-to-end solution provides the corrections market with highly reliable, flexible, and simple-to-use technology that meets the specialized video management needs of the unique prison environment.
“This new order reaffirms the positive demand and outlook for our core Security Technology vertical as this market continues to improve. April bookings for this part of our business were in line with pre-Covid levels, giving us confidence that our markets are starting to see some economic recovery after COVID-19. With our internationally recognized brand, we expect continued momentum in this vertical as a wide range of state and local corrections facilities choose our technology to keep their operations safe for prisoners, workers and visitors.”
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems.
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.