Business
Progress with global OEM contract
Progress with global OEM contract.
About this update from Kromek Group Plc
[{"type":"text","content":"\n \nRNS Number : 1959S Kromek Group PLC 22 September 2014 \n \n\n22 September 2014\n \nKromek Group plc\n(\"Kromek\" or the \"Company\")\n \nKromek Progresses to Second Year of Development Contract with Global OEM in CT Medical Imaging Markets\n \nKromek, a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that a top four Original Equipment Manufacturer (\"OEM\") in the Computed Tomography (\"CT\") market has confirmed its decision to progress to the second year of a previously announced programme with the Company. Kromek has received a $1m exclusivity payment for the second year.\n \nThis payment is part of a programme that comes under Kromek's mutually exclusive development contract, worth up to $5.3m, with the OEM for developing and supplying Cadmium Zinc Telluride (\"CZT\") based multispectral (colour) detectors for producing high resolution colour X-Ray images by CT scanners. The decision to continue the programme for the second year was based on sustained progress towards meeting the aims of the development programme.\n \nArnab Basu, CEO of Kromek, said: \"We are delighted to be progressing this project to advance colour CT imaging, which can lead to major healthcare benefits for diagnosis and treatment of cancers, cardiovascular diseases and other pathologies. With the success of our collaboration, our relationship with this key OEM partner continues to develop and grow stronger. This latest step is a clear endorsement of our technology and our long-term strategy to position Kromek's subcomponents at the heart of major global OEMs' medical imaging systems to improve diagnostic capabilities, resulting in better clinical outcomes.\" \n \nThis contract does not change the Company's expectations for the year ended 30 April 2015. However, it provides further evidence of the progress towards meeting market expectations.\n \nArnab Basu, CEO, and Derek Bulmer, CFO, will be hosting a webinar today at 12pm where they will give a presentation on their results for the year ended 30 April 2014. No additional disclosure will be made about financials or current trading further to the Company's announcement released on 28 August 2014. Analysts and investors wishing to join can register at:\nhttps://attendee.gotowebinar.com/r...