FARMINGDALE, N.Y., Nov. 19, 2012 -- Cemtrex, Inc. (OTC: CTEI), today announced it ranked 487 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and clean technology companies in North America. Cemtrex grew 130 percent during this period.
Cemtrex's chief executive officer, Saagar Govil, credits focusing on international growth markets and streamlining business operations with the company's 130% revenue growth. He said, "We are extremely proud to be part of an exclusive group that includes companies such as Tesla Motors, Facebook, and Google. The team here at Cemtrex has put in an extraordinary effort in pursuing new business opportunities while improving business processes and this award is a testament to all their hard work. As we look to the years ahead we aim to stay on the Fast 500™ list, remain a high-growth company, and eventually move up on the list."
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw , vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo , partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of Cemtrex for this impressive accomplishment."
Overall, 2012 Technology Fast 500™ companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
Cemtrex, Inc. is a worldwide market leader in manufacturing and selling the most advanced instruments for emission monitoring, process analysis and equipment for environmental control and filtration systems for industrial applications. Cemtrex also markets Green DCV, an innovative energy efficiency solution for high-quality green building applications, and technologies for abatement of greenhouse gases pursuant to Kyoto protocol. The Company's products are sold to power plants, refineries, chemical plants, cement plants and other industries, including federal and state governmental agencies both in the U.S. and worldwide.
SOURCE Cemtrex, Inc.