FARMINGDALE, N.Y., Sept. 19, 2012 -- Cemtrex Inc. (OTC: CTEI), a global player in gas and process analysis systems, announced the signing of a Representative Agreement with Modcon Systems, a world leader in NIR and NMR Analyzer systems for the petroleum industry.
In the advent of recent potential from the oil and gas industry in North America, Cemtrex, as part of its on-going expansion and diversification plans, is now marketing NIR and NMR Analyzer systems with a unique value proposition to monitor and control oil refinery process to maximize profits for the facility owners. In the next three years it is anticipated that around 300 refining operations will modernize their process by implementing online real-time monitoring solutions, particularly in the Gulf region in the U.S. as they have the access to cost-effective crude and a market very conducive for the refiners. They have opted to upgrade their process to minimize cost of operation and to maximize high-value distillation products for the world market.
Greg Shahnosky, CEO of Modcon, commented on the potential of the North American market through this joint initiative. He said, "By bringing in the latest technology from Modcon and joining with Cemtrex's systems expertise and existing relationships with customers in the market we are excited about this mutually beneficial opportunity with Cemtrex. Our powerful technologies in NIR and NMR systems have already been established at several refineries in Israel, Russia and other oil-rich markets worldwide and now we aim to penetrate the North American market with Cemtrex."
Ravi Narayan , Vice President at Cemtrex, while discussing the agreement, said, "We see great potential for this new and unique technology that Modcon has developed. We do a lot of business with some of the largest oil and gas companies and Modcon's products have an opportunity to provide these facilities with paybacks of six months or less at current oil prices. We see this as a potentially $200 million market in the next few years by offering online multiplexed fiber optic based NIR analyzer systems and state-of-the-art NMR analyzer systems for crude oil processing, distillation and blending applications in the wide range of refining market."
Modcon Systems specializes in performing process control automation, instrumentation and analyzer projects with turn-key delivery, support and training, since 1972. Modcon Systems is a key player in On-line Process Analyzers and Systems, Process Control & Automation, SCADA and Industrial Network Solutions, Environmental Control, and Gas Detectors and Air Pollution Analyzers.
Cemtrex Inc. is a worldwide market leader in manufacturing and selling the most advanced instruments for emission monitoring products for the industry. Cemtrex also markets gas sensors, gas analyzers, process analyzers in environmental applications. Griffin Filters, a subsidiary of Cemtrex, markets baghouses for dust control applications to help companies meet process requirements and EPA regulations. The Company's products are sold to power plants, refineries, chemical plants, cement plants and other industries, including federal and state governmental agencies
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This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
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SOURCE Cemtrex Inc.