Cemtrex Receives New Orders Totaling Over $5 Million for Products in Medical Devices, Wearable Electronics, and Industrial Markets
January 20, 2015
FARMINGDALE, N.Y., Jan. 20, 2015 — Cemtrex, Inc. (OTC: CTEI) today announced that the company has received new orders in excess of $5,000,000 in its electronics manufacturing business.
Deliveries of the new products are expected to begin early this year and continue over the next 12 months primarily to European and global original equipment manufacturers. Approximately half of the new orders were related to the medical devices industry and the remaining orders were from a variety of industries including wearables, industrials, and automotives.
Cemtrex’s Chairman & CEO, Saagar Govil, commented, “With these recent orders we are still seeing continued demand in the European market despite overall concerns about the areas’ economic problems. We are encouraged to obtain orders in the medical devices industry as that is a key component of where we are looking for long term growth. Additionally we have new orders from another customer for manufacturing cutting edge products in the wearables technology industry we helped develop on their behalf. One of our goals is to be a manufacturing partner of some of the most innovative technologies in the world and these new orders demonstrate our progress on that front.”
The medical devices industry, according to Visiongain, is said to reach approximately $400 billion by 2017 up from $320 billion in 2012, due largely to the fact that the global population over 65 is expected to rise over 1 billion by 2020. Based on one recent report from Cowen Research, the wearable electronic industry is expected to reach $170 billion by 2020 from less than $10 billion today, which would range from products such as smart garments to Google’s Glass and Apple’s iWatch.
About Cemtrex, Inc.
Cemtrex, Inc. (OTC: CTEI) is a diversified technology company that provides a wide array of solutions to meet today’s industrial challenges. Cemtrex, through its wholly owned subsidiaries provides electronic manufacturing services of custom engineered printed circuit board assemblies, emission monitors and instruments for industrial processes, and environmental control and air filtration systems for industries and utilities.
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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