Brooklyn, NY, Jan. 31, 2024 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced it has received $3.8 million in new orders through its Advanced Industrial Services (“AIS”) subsidiary for two projects, including a $2.2 million order for a geothermal system update for a Northeastern School District, and a $1.6 million order for the fabrication of a key component for a motion control technologies company.
The Northeastern School District project includes, but is not limited to, replacing the geothermal loop system pump and drives, geothermal heat pumps, geothermal piping and valves, heat recovery units, exhaust fans, ductwork, and control systems. Work will be completed in August 2024. For the motion control technologies company fabrication order, AIS will manufacture a key component to the system that the company is delivering. The project is the second installment of this work and will commence in the first quarter of 2024, with production ending by October 2024. Details of the customers were not provided due to confidentiality agreements in place.
“With its expanded capabilities, AIS continues to build profitable revenue growth with additional wins in new government and industrial verticals in a variety of service industries and new geographies,” said Saagar Govil, Chairman and CEO of Cemtrex. “Strong demand for AIS products and services is being driven by the need to update water systems and services and will continue to grow as government and companies across the country work to upgrade their facilities. As a premier provider of industrial contracting services including fabrication, millwrighting, rigging, piping, electrical and welding, AIS is also capturing high value projects with industry leaders.
“Taken together, this demand delivered an 18% increase in revenues for AIS and our Industrial Services segment in FY’23 to $25.0 million. The escalating need for industrial services is driving the market towards $45.3 billion in 2028, growing at a CAGR of 5.53%, according to Verified Market Research. With older water and other systems needing replacement, AIS is benefiting from the $81 billion annual water infrastructure capital investment gap, according to the American Society of Civil Engineers Infrastructure Report Card. We also believe that continued reshoring of manufacturing to the US as well investments in US infrastructure will play a key role in AIS’ long-term growth. With AIS’s 35 years of experience and leading products and services, we expect additional AIS orders ahead and increasing momentum, with the potential to reach 32% revenue growth in FY’24,” concluded Govil.
About Cemtrex
Cemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc.
Vicon Industries, a subsidiary of Cemtrex Inc., is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solutions. For more information visit www.vicon-security.com
AIS – Advanced Industrial Services, a subsidiary of Cemtrex, Inc., is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical, welding. AIS Installs high precision equipment in a wide variety of industrial markets including automotive, printing & graphics, industrial automation, packaging, and chemicals. AIS owns and operates a modern fleet of custom designed specialty equipment to assure safe and quick installation of your production equipment. Our talented staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information visit www.ais-york.com
For more information visit 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.
