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Cemtrex Receives $0.5M Upgrade Order In Advanced Technologies Segment

Brooklyn, NY, Oct. 08, 2020 (GLOBE NEWSWIRE) --  — Cemtrex Inc. (NASDAQ:CETX, CETXP, CETXW)))), a technology company driving innovation in Internet of Things (IoT), security, machine vision &

· 10/08/2020 09:11

Brooklyn, NY, Oct. 08, 2020 (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 $500,000 order to upgrade a security technology system through its Advanced Technology Segment for a large Tennessee based corrections facility.
 

The mission-critical enterprise-class system is an upgrade from Cemtrex's legacy system to its latest offering, which includes a state-of-the-art video surveillance security system, Valerus software solution, cameras and related storage hardware.

"This order reaffirms the positive outlook for our core Security Technology vertical as the market continues to improve," said Saagar Govil, Chairman and CEO of Cemtrex. "Our strong presence in corrections has provided multiple orders for several security surveillance systems, driving revenue increases this year. We are leveraging these gains to further develop advances in our product lines in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision.

"The orders received during the September quarter in our Advanced Technologies Segment were higher on a year over year basis from 2019. This gives us confidence that our end markets are recovering well from COVID-19 and that the Advanced Technologies segment should see top line growth in FY 2021 based on our momentum," continued Mr. Govil.

The new order was booked in September 2020 and will be shipped in October. The details of the customer were not provided due to confidentiality agreements in place.