FARMINGDALE, NY / April 1, 2015 Cemtrex, Inc. today announced that the company has received new orders of approximately $1,000,000 to manufacture electronic components for wearable devices.
Deliveries of the new products are expected to begin later this year and continue over the next six months to twelve months. The products are for a fast growing European customer who is a manufacturer of innovative technology in the automotive industry.
Cemtrex’s Chairman & CEO, Saagar Govil, commented, “We are deeply encouraged by the rapid growth of one our customers and the increasing demand in the wearables market. The product, which only finished development a few months ago, is seeing quick deployment into the market. Oftentimes new products are ramped up over a period of years but in this case it is much faster which further validates the rampant pace of growth which some say could be as high as 45% CAGR in the market. With our experience and capabilities we believe Cemtrex is positioned to aggressively capture market share in this industry.”
According to a recent report by IDC, vendors will ship a total of 45.7 million units in 2015, up a strong 133.4% from the 19.6 million units shipped in 2014. By 2019, total shipment volumes are forecast to reach 126.1 million units, resulting in a five-year compound annual growth rate (CAGR) of 45.1% and a total industry size of more than $12B. The wearable electronic industry includes 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 & instruments for industrial processes, and environmental control & air filtration systems for industries & 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.