To the Shareholders of Cemtrex Inc.,
2016 is shaping up to be a big year for us, and we are extremely proud of all we have accomplished at Cemtrex. As a result, we wanted to provide an update on our recent activities and all we expect to achieve going forward. We have delivered a five-year, 33% revenue CAGR, with revenue reaching nearly $57 million in 2015, by focusing on niche services within the Electronics Manufacturing Services (EMS) and Industrial Products & Services (IPS) sectors. During the first six months of fiscal 2016, net sales grew 14.4%, which follows a 20% organic increase in 2015. To drive organic growth, we have concentrated on exciting and emerging markets, new product development initiatives and global emerging markets. The company is also continuously exploring and analyzing strategic M&A opportunities and partnerships that enhance our growth outlook.
To the Shareholders of Cemtrex Inc.,
This year Cemtrex increased its book value per share by $.46 or 112%. Since 2011, when present management assumed control, our book value per share has grown from $.01 to $.88, or a CAGR of 128%. Our net income, in fiscal 2015, was $2,838,116 or $.42 per share, an increase of 6% over last year. Our 5 year CAGR for our annual net income is 23%. Our return on our beginning equity for this year was 78%. Our three-year average return on equity is 116%.
This year was a milestone year for Cemtrex as the Company finally qualified in June, to be uplisted from the OTC Exchange to the Nasdaq Capital Markets exchange. The uplisting now allows the Company to: 1) Garner long term high quality retail and institutional investors in our stock 2) Receive improved terms at which we are able to source capital and facilitate growth in the value of Cemtrex. We are pleased with the results to this point. Our average daily volume of shares traded has increased more than tenfold over the last 12 months and we have seen the number of the Company’s shareholders increase by 50% since listing on NASDAQ.
We are continuing to execute our growth strategy for Cemtrex by operating in businesses that we believe have strong economic characteristics over the long term. We seek to grow the businesses we already own and continue to acquire companies that meet our growth criteria. We strive to be in businesses in which we can organically grow our top line 10-20% annually over a three to five-year period. Regarding our inorganic growth strategy, in addition to strong economic characteristics, we buy businesses that we believe can provide some kind of value addition and can be acquired at a fair price when viewed from private ownership.
Cemtrex’s Environmental Products & Services Group has experienced dramatic growth this past year. This growth was primarily driven by on-going demand for our products in South East Asian in countries like Indonesia, Malaysia, India, Thailand, and Vietnam. To attain some perspective on these markets, India, for example, has developed its installed Non-Renewable energy capacity by roughly 50 GW over the past two years alone and expects to add up to 1200 GW of capacity by 2050 – that is roughly the size of the present US electricity generating capacity. Other countries in the region are similarly ramping up their capabilities to meet mounting energy demand. All this additional capacity requires support from industries like cement, steel, asphalt, chemicals, and oil & gas, among others, to manufacture the technology and infrastructure needed to support this vast requirement. Fortunately for us, all of these related industries typically require environmental and air filtration equipment along with emission monitors and other ancillary equipment in which we have tremendous engineering and low cost manufacturing expertise. Our outlook for this market is quite bullish over the long term however in any given year we are held to various market & geo-political conditions that can delay projects and hence impact our pursuit of profitable growth. We are additionally pursuing projects in the renewable technology space and are currently in talks to set up solar power plants in India. However, these projects are still in the negotiation phase and are subject to obtaining financing. As they become more concrete we will announce our progress.
In the United States, we also see a favorable long term market. Although we believe the oil and gas industry was the largest driver for domestic industrial growth over the last few years, we are seeing other industries like automotive, construction, cement, and utilities continue to be the driver for our growth over the next few years. We view the challenges in the oil and gas market to be cyclical in nature and anticipate that the long term prospects driven by fracking will lead to additional opportunities as that industry comes back in a few years’ time. There is also a renewed interest in curbing greenhouse gases and while there is still a debate about how best to do this, many companies and industries globally are taking the first step of installing monitoring systems to meet global reporting standards. We believe that the timing could not be better for the release of our new product, the IS 2500, which provides many industries a cost effective way to measure gaseous exhaust.
On a separate note, several years ago Cemtrex developed VAMOX technology for the sequestration of methane in a niche application relating to ventilation from coal mines. This technology proved economically viable however it turned out that we were ahead of the market. The product’s viability depended on a cap and trade system for greenhouse gas (CO2) reduction. The VAMOX system generates carbon credits for companies operating coal mines, by destroying low level methane. The revenue from the sale of these credits provides profitable cash flow for these companies after paying for the cost of the VAMOX system within 3 to 4 years. Hence our VAMOX systems allows coal companies to monetize their non-operating assets in a new compelling way. However, the cap and trade system was never implemented in the US and so the price of carbon credits never made the product financially attractive. Fast forward eight years and now there are serious talks in China about implementing such a system in 2017. Should this take place it would create an enormous opportunity to take this proprietary technology there and additionally the United States will likely follow suit to implement its own cap and trade system. With cap and trade in place, thousands of potential US coal mines, and a starting price of $2,000,000 for a single VAMOX system, this could easily become a multi-billion-dollar market in which Cemtrex is one of only two companies in the world that has the technology to go after this market. We are eagerly watching how this plays out.
Finally, with the acquisition of Advanced Industrial Services in December 2015, we will now be combining these operations into one group with our existing environmental business and it will be labeled the “Industrial Products & Services” group moving forward.
Our Electronics Manufacturing Services Group continues to focus on increasing its top and bottom lines. The group had a decline in revenues largely due to a decline in the valuation of the EUR compared to the USD. It was also affected by a few customers who delayed production from our fiscal 2015 to fiscal 2016. Overall we view the decline of the Euro vs the Dollar over the past year to be a positive factor for our business. Our EMS business is prominently dependent on the European economy and particularly the export oriented Germany economy. A weaker Euro means a better environment for German OEMs to continue growing their businesses globally and this is ultimately good for our business. This sets the stage for a deeper product entrenchment within our potential end customers over the long term. Ultimately, we are more concerned with the long term prospects for the business rather than short term impact of consolidation under USD.
Our EMS business is in the early stages of experiencing many new growth opportunities. In this business we provide turn key product development solutions from the idea stage through to design box builds and full contract manufacturing. We assist many German and Swiss OEMs in this process, some of whom are market leaders in their respective product segments. As their sales continue to increase, our business will also continue to grow. This past year alone we had approximately $5 million in revenue attributed to new product introductions. We view this as an outstanding result because this represents over 100 different products which are in the infancy of their product life cycle, with potential for higher sales over the next few years. The industries primarily responsible for these new product introductions consist of medical devices, heavy automotive, automation, wearables, and industrial technology.
Additionally, we continue to expand our capabilities to provide low cost manufacturing through our Romanian operation. This operation gives us a competitive manufacturing advantage in the European market as we can compete with Far East suppliers when the ultimate decision for purchasing comes down to price. Overall we are quite encouraged by the prospects for this business to deliver long term higher returns.
As we have informed our shareholders in the past we are acquisitive minded with respect to growing Cemtrex. Our experience over the last decade has left a strong impression on us that if we focus on utilizing all our available capital in the pursuit of organic growth, there will be unavoidable challenges due to the cyclicality of the markets in which we operate. If we had solely chosen to focus on the oil & gas business where we were seeing compelling opportunities since 2012 I am confident that we would not have been able to maintain the kind of growth that we have achieved over the past 18 months. Hence we pursue a two-pronged approach whereas we utilize a portion of available capital for organic growth and additionally look to deploy capital to acquire good businesses that can broaden the base from which we derive earnings. We believe this two prong approach will allow us to achieve a superior return on equity over the long run.
We recently completed an important acquisition of Advanced Industrial Services (AIS), a 30-year-old broad based industrial services company. I am pleased to tell you that this company immediately struck us as a great opportunity. The company has over a 120 employees and provides nationwide services to major industrial clients like PPG, Bemis, Volvo, etc., most of whom differ from our existing customer base. Upon meeting both Mike Yergo and Kris Mailey, the two founding and majority principals, we were impressed by the reputation of their firm, the enormous effort they put in to create value for their customers, and the quality of their people. They were also enormously committed and loyal to their employees, a quality that we treasured and matched with our own ideals. AIS has a superb management team in place, headed by Jim Heinrichs, who is supported by Mike Hall, and Al Knisely. Our shareholders should be thrilled about having these three gentlemen running the business moving forward. They are extremely dedicated, hard-working, and are eager to take this business to the next level. Kris has now begun his retirement and Mike will stay with the company in an advisory capacity.
We are excited by the prospects for the industrial services sector. The trends in this sector and business all point toward long term growth. Many manufacturers and industrial plants are leaning more on outside contractors for their maintenance and contracting requirements as it can be too costly to keep employees on payroll. AIS plays directly into this trend. One interesting fact is that one of AIS’ first employees has reported to the same customer’s facility for the last 30 years every single day despite the plant being sold to multiple owners along the way. That’s how much customers value the service AIS brings to the table. The company has made a concerted effort to grow its business in the packaging industry and we see this as the area where we can expect strong revenue opportunities over the next few years.
AIS also brings value addition to Cemtrex’s existing businesses. A challenge that we often face when selling our industrial air filtration equipment domestically is that many customers want a turn-key solution. To this point we had historically worked with general contractors responsible for installing our finished product in a given customer’s facility which limited our ability to control the sale of our product. If the general contractor we quoted to lost the bid to their customer then there would be no shot for us even if we were competitive. With the capabilities of AIS within our own organization we have a new competitive advantage to go out and obtain these jobs directly as a turn-key supplier. Additionally, we believe that with this ability we will be able to achieve enhanced margins on many of our future projects. Both companies will also be able to reach into each other’s customer portfolio to find new opportunities where they can be of value.
We had announced a second acquisition that we are currently pursing of an industrial air filtration company that is located in California. The details of the deal were discussed in the press release regarding the transaction so I will not rehash them here. Currently, we are still in the due diligence phase of this transaction and expect that if we are to move forward with the deal that it will take another few months to complete.
Our increase in book value per share is dramatic and due in part to our utilization of attractive debt which is applied when and where we believe it makes sense and is appropriate. There will, often times, seem like we have an enormous amount of debt on our balance sheet. However, we will only bring on new debt into the company when we are also adding a large earnings base to go along with it. I want to emphasize that we are quite cautious and conservative when undertaking debt obligations. We believe in healthy amortization schedules that under strained economic circumstances can easily cover the repayment obligations, both principal and interest, with money left over for the business.
At Cemtrex we constantly strive to create value for our shareholders and during the last five years Cemtrex has been one of the fastest growing, profitable, US-based, public industrial companies in terms of the Revenue Growth % while delivering a high Average Return on Equity %. With Cemtrex management retaining close to 65% of common stock, both existing and prospective shareholders should be at ease knowing that we treat your cash like our own cash, because we have just as much at stake. We are in this for the long haul and have no intention of selling in the short term while we believe that holding out for the long term will reap far greater returns. As we have been able to create enormous value in such a short period of time, we are confident that we can continue to deliver strong results into the future. We believe that as we continue to take our business to the next level and continue to tell the Cemtrex story more widely, our market value will more adequately reflect our growth and value prospects compared to our peers. With ample opportunities in front of us and new ones cropping up every day, there is no doubt in our mind that we can repeat the same philosophy and approach from the last five years over the next five years to create enormous value for the shareholders of Cemtrex.
Chairman and CEO
To the Shareholders of Cemtrex Inc.,
It has been quite a busy year to say the least. This letter is a bit unorthodox with respect to its timing however we believed that due to recent developments in our business over the last year it was important for shareholders to attain a narrative from management regarding Cemtrex's operations and future plans. From March to July of this year alone we had a 25% increase in the number of shareholders of the company. Naturally we felt that waiting for a letter in January after our annual report was issued would cause an unnecessary amount of speculation on the part of our shareholders as to what your management's plans are. In the future on an annual basis, including at the end of this fiscal year, we will be sure to accompany our annual report with a letter from management.
We have now completed three quarters during our latest fiscal year. Our book value (unaudited) is presently $2,286,000 up from $94,000 in 2012 when current management took control of the operation resulting in a CAGR of 190%. Our earnings per share over the last 9 months have been $.05 while our average earnings per share over the last three years were about $.02.
As many of you are aware Cemtrex recently acquired all the assets of the ROB Group of companies in October 2013 (this fiscal year, our fiscal year ends September 30th). In my 2012 letter I mentioned that we were actively pursuing acquisition opportunities to grow the company in new areas. We have been in the environmental technologies and monitoring business for the past several years. However our ability to create sustainable growth was often hindered by environmental regulations that were postponed which were of no control of our own. When industry cries out that regulations will increase costs and reduce jobs many times these regulations are kicked down the road. This often resulted in our goals and objectives not being met in the past. As a result our plan was to diversify our capital allocation into new areas which could complement our on-going activities. We believe we can operate from a position of strength when we have two independent sources of earnings potential than be solely exposed to the conditions of one industry.
Our primary criteria were to find businesses we understood and ones that we felt were available at an attractive price. We spent close to two years looking for the right opportunity and subsequently settled on the ROB Group, located near Stuttgart, Germany. The ROB Group was acquired at approximately $5.6M, half of its book value at the time and doing approximately $30M in sales in the calendar year of 2013. We were able to do this deal on extremely favorable terms with low interest rates and zero dilution. This type of financing for a company of our size is highly unusual and thus represented a key factor in us going ahead with the deal. In the future we may not be so fortunate with the terms to get a deal done, but your management is careful to structure any terms that could potentially be toxic to us in the future. We would rather pass on a potentially great company than take such a risk.
You may be wondering how we were able to acquire such a big company for a low price. This company was in an insolvency situation due to a customer defaulting on a large amount of receivables. Moving forward we now ensure that all orders and receivables are insured by a major insurer to protect ourselves from this occurring again. The insolvency situation is now in the company's history and we have been operating at a profit so far this year. This is also unusual for companies in an insolvency situation and you can thank the strong management of Frank Bittighofer and his team for this success. The team at our EMS operation is a group of honest and hardworking individuals and it has been a pleasure to work with them to put the company back on a path to success. We have a considerable amount of confidence in their ability to continue growing this operation back to its previous heights of $60M in revenue in 2010 and beyond.
Cemtrex now has two distinct operations: Electronics Manufacturing Services (EMS) & Environmental Products & Systems (EPS). Our total sales during the first nine months of this fiscal year was $33,966,686 compared to $11,138,665 over the same period a year ago representing an increase of 205%. This was primarily attributed to the acquisition however our environmental products & systems division experienced sales growth as well.
We remain cautiously optimistic with regards to our EPS operations. For our domestic operations we have a sound product portfolio serving industries that we feel are growing. We have seen growth in our monitoring and instrumentation sales this year and think this trend will continue. New Mercury regulations for the power and cement industry provide us with confidence that the growth will continue into 2015. Meanwhile domestic industrial dust filtration systems has demonstrated mixed results; We have seen stagnation in some industries however we are seeing new demand related to both the cement market and in oil and gas partially due to the activity in the fracking market. Regarding our international business, our feeling is that there remains strong demand in emerging markets, particularly Asia and the Middle East. However geopolitical events can influence how this market plays out and there are many reasons to be guarded at the moment.
We believe in both organic and inorganic growth. We naturally treasure organic growth when it is achievable. Industrial and manufacturing businesses often require significant capital investments to achieve above average organic growth. As a result we prefer to broaden our perspective when it comes to each dollar we invest in our operations. While we are confident that within the industries in which we operate each dollar invested will yield strong organic growth our objective is to grow as quickly as possible. In our opinion utilizing this dollar to buy another business instead of trying to push more organic growth can be equally beneficial or better in certain instances when you buy the right company at the right price. We feel that the ROB Group acquisition is a perfect example of this.
In short our goal is to grow swiftly while maximizing our return on equity for our shareholders. As a result we are satisfied with either organic or inorganic growth. We are public for this reason. Often times we see microcap companies that seem to float along year after year with no strategic purpose. In our opinion if you are a microcap company and you choose to remain public, you had better be aggressive and take advantage of the public market. I'd like to emphasize the point however that for us growth is growth, however it comes. We are not a "one mouse-trap" company and nor do we have any desire to be one. As a result our organic growth may vary year to year but we strive for strong consistent average organic growth of 15% annually. Ultimately, as long as every dollar retained and used by the company is creating at least a dollar of market value above market rate than we are doing a satisfactory job. It will not matter whether this value is organic or inorganic.
Earlier this year we announced that we entered into a Letter of Intent to acquire a wastewater treatment and biogas technology company. This company is similar to our existing EPS operation in terms of the nature of the business and we feel it would add significant value. This deal has not yet been consummated and we will make the appropriate announcements as progress is made.
With respect to the companies we are looking for we are primarily focused on acquisitions that will complement our existing operations well. We are presently trying to find companies that can add additional strategic or competitive value to either operation. However should a new opportunity present itself in a technology industry we like, understand, and see potential in, it is possible we may pursue it. We prefer businesses with 1) favorable long term economic characteristics; 2) attractive purchase price when being viewed from private ownership; 3) operations in markets and industries we feel we understand; and 4) readily apparent methods for us as owners to help facilitate higher growth and profitability.
In general our present philosophy is to have a controlling stake in any acquisition we make. While we are aware of the fact that we are not experts in any business we acquire we prefer having the ability to select the management team and influence the direction of the business particularly with respect to the use of cash. We regularly pursue companies that are in distressed situations. However we acknowledge that we are not miracle workers and that there should be significant conviction on our part to justify getting into a turnaround situation. We understand that this is a tremendously difficult task and will only pursue these opportunities when we are satisfied with the potential risks.
We are currently trading Over-The-Counter and we realize that this can hinder our visibility to many investment communities and deter a large swathe of institutional funds from investing in us that would be available to us if we were on a major exchange. However, we are confident that when we are approximately doubled from present size with respect to either revenue or earnings it will make sense to undertake steps for an up-listing.
We will do our best in being straightforward in these letters to you when reporting on our business activity, focusing more on the facts and our philosophies rather than any speculation as to our prospects or providing lofty projections. We would prefer the results speak for themselves and create a track record of doing what we say we are going to do. We know that you have more than 13,000 companies you can choose to invest your money in and we have to compete for your money the same as anyone. Often times the CEO and Board of Directors of public companies own a small fraction of the company and as a result corporate actions are not always in tune with rewarding the shareholders. In our case with over 70% of Cemtrex's stock in management's hands, we treat your money as if it is ours, because as you can see we have a lot of skin in the game.
It is an exciting time for our company and we are eager to continue building on our recent progress.
Chairman & CEO
Safe Harbor Statement
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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To our Shareholders and Investors,
Let’s talk Cemtrex! This is my first Annual Letter since taking office and I will try to make it a regular event you can look forward to in order to hear directly from me about the business activities of Cemtrex. Many of you have been asking about what Cemtrex’s plans are for 2013 and beyond and what have we been working on the past year since my appointment as CEO in December of 2011.
My initial goals in the role were to improve our balance sheet, continue to grow the company, and determine the direction of the company for the next few years considering that the environmental legislations that the Company had hoped for previously never materialized.
As far as improving our balance sheet two of the primary metrics I use to evaluate our progress are book value and current ratio. Our book value has increased from $94,486 to $816,685, a growth of 849%. This year we also improved our current ratio from about 2.9 to 4.5. These two improvements with the addition of reducing our overall debt obligations have been essential to our on-going growth plans and making Cemtrex an attractive investment to new investors.
Our strategy to grow the company is multi-faceted to say the least. While our heritage has been in the emissions monitoring business we are by no means married to it. Due to the stagnation of environmental regulations domestically we believe it is imperative to utilize our strengths and find more opportunities where we can count on consistent long term growth. While regulations create an opportunity for our emissions monitoring business, existing regulations create primarily a replacement market and the lack or postponement of new regulations has hindered our business in the past – think mercury and CO2 related regulations; this is something we aim to avoid moving forward. In mature markets like this one, pricing typically is the leading differentiator between competitors and reducing our margins to gain market share is not a long term viable strategy to grow in my opinion. As a result we aim to grow our existing businesses through enhancing and differentiating our existing products, expanding product offerings, and providing more value added services.
One way we are doing this is by expanding into product lines that allow us to serve our existing customer base in more ways. This year we signed a distribution agreement with Modcon, an Israeli company, specializing in oil & gas analysis systems. These systems will help many of our existing refinery customers to achieve high ROI and these sales are not regulation driven. One Modcon product in particular, the NMR analyzer, provides real-time online monitoring of the crude distillation process. Refineries can use this to optimize their crude blending or distilling processes thereby increasing the yield on many of their products. Right now most refineries have no real-time online monitoring solution for this process and perform such tasks through lab analysis which results in an 8 hour optimization lag. By switching from lab to real-time monitoring, a recent installation of Modcon’s achieved a return on investment in less than six months. Our goal is to have our first two NMR systems installed by the end of the year to use as demonstration sites for all our potential customers in the future.
Let’s take this example one step deeper: to understand the market potential here there are about 120 refineries in the US and an average selling price of $500,000 creates a $60,000,000 total available market size for this product alone as well as additional annual service based revenue. What differentiates this product from what has previously been available is an innovation unique to Modcon, developed over the last 10 years, that makes the product more applicable and durable. Due to our existing relationships with Citgo, Valero, BP, Chevron, and other refiners, we believe that we can develop this opportunity over the next three years. Like with Modcon, we aim to sell similar products that focus on process optimization rather than regulatory compliance, can leverage an existing strength like our customer base, and have compelling competitive advantages going forward.
Griffin Filters, historically a domestic serving company, has expanded internationally and secured several equipment supply and construction projects overseas in recent years. For 2013, Griffin will be looking to expand its product offering from primarily baghouses to include precipitators, and other related construction projects internationally as well. Based on our past experience in these product lines, our strategic partnerships in international markets, and the superior demand for these types of systems we believe it is in our best interests to continue to expand in these markets.
This past year we also looked to acquire several different companies both in and peripheral to our core business, some domestic and others international. Generally speaking, our main criteria for acquisition targets are to find a company that is in an industry we feel we understand and is undervalued. After thorough due diligence processes of potential acquisition targets we were not convinced that we were getting enough value for the purchase price. We still plan to acquire companies that we feel can benefit Cemtrex in the long run and although we cannot put an exact time table on when an acquisition will take place, when the right opportunity comes along we will pull the trigger. We also believe our prospects for acquiring a company and structuring a deal are greatly improved for this coming year due to the strengthening of our balance sheet in 2012.
Additionally in 2012, we funded a mobile technology startup called Pluto Technologies Inc. Mobile devices will impact virtually every industry on the planet especially in commercial sectors, but even on the industrial side as well. Pluto has set up a team of software engineers in Pune, India where they are developing software for both commercial and industrial markets. On the commercial side we aim to develop software that facilitates consumers to perform transactions and license our technology for niche communities and markets. On the industrial side we are working with our customers and suppliers to find areas where we can differentiate our product offering by adding mobile and data acquisition software whereby providing more value to our customers. I expect that sales initially will be relatively meager this coming year but that it is something necessary to expand and differentiate Cemtrex’s value proposition over the longer term.
To touch on some points investors have been asking about, in 2011, we announced that we had signed an agreement with an Indian company for the installation of Green DCV systems worth about $25M. Due to poor global economic climate, the financial situation of this company changed significantly after the signing of the agreement. This project was put on hold due to lack of investment funds with no timetable to proceed with the contract. As far as we are concerned we are not counting on it for sales and if the project ever does get the green light in part or full we will re-announce it. Earlier this year we announced that there was renewed interest in our MCDR based on a project development agreement signed with a Turkish company. After several trips of our engineers to potential project sites we have been unable to get a commitment to proceed any further at this time. The customer has advised us that due to current economic situation in Europe their funding commitment could not be finalized. Again in this instance we have not given up but we do not have a time frame to see definitive progress with these units.
Despite these two setbacks, our Company has had positive developments this year. Even when U.S. and global economies have not been flourishing we have managed to maintain a decline of only 11% in our overall sales from $13,732,153 to $12,162,046 from 2011 to 2012 respectively. Our current backlog is down since there have been delays in securing some of the new projects. However, we expect to secure some large projects within the next few months which would allow us to relatively maintain our annual sales. The Company’s activities over the past year have put us in a place where we can stay competitive and be assured there will be stronger demand for our products for years to come.
I am very confident about Cemtrex’s prospects. We have a very talented and dedicated team here. It is because of their efforts that we were able to land a spot on Deloitte’s Fast 500 for Fastest Growing Technology Companies this year. Our goal looking ahead is to double our sales by the end of our fiscal year ending 2014. We will do this by maximizing the value of our existing businesses and through investing in new ones. I am convinced that if we can achieve our goal that our stock price will follow suit and investors will realize the fruits of their patience.
I want to thank you for your continued support of Cemtrex. No one is more committed to Cemtrex’s long term success than I am and I want to assure each and every one of you that we are taking the necessary steps to see your company thrive and achieve significant growth in coming years. We have been busy in 2012 and I am looking forward to an even better 2013.