Cemtrex Establishes New Advanced Electronics Subsidiary to Develop Proprietary IoT and Wearables Products
July 12 2017 - 7:40AM
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading
industrial and manufacturing company, today announced that it
has established a new subsidiary, Cemtrex Advanced Technologies
Inc., to pursue both organic and inorganic growth opportunities in
the Internet of Things (“IoT”) and wearables markets.
Through its new subsidiary, Cemtrex is leveraging its existing
design and engineering experience in developing advanced electronic
products for third parties to create its own proprietary products
and solutions for IoT applications. The Company plans to
pursue collaborative partnerships with OEMs that are looking to
incorporate intelligence and connectivity into their everyday
products such as: furniture, consumer wearables, industrial safety
wearables, and other enterprise and consumer devices. Cemtrex will
look to focus on developing systems, hardware solutions for both
consumer and industry applications, and software
applications.
According to a recent Business Insider report, there will be 34
billion devices connected to the Internet by 2020, up from 10
billion in 2015, where IoT devices will account for 24 billion. The
report estimates that nearly $6 trillion will be spent on IoT
solutions over the next five years. Not only will the number of
electronics increase, but the density of electronics per device
will also be increasing substantially.
Cemtrex’s Chairman and CEO Saagar Govil commented, “As we have
expanded Cemtrex’s operations to exceed $100 million in revenues
over the last twelve months, we have developed a new roadmap to
reach our next milestone of $500 million in revenue. Our goal is to
continue broadening the capabilities and breadth of the Company. We
plan to develop proprietary technology, as well as work in
collaboration with industry leaders to develop next generation
connected intelligent products. We see this as an inflection point
of the Company as we prepare for the next phase of growth over the
next five years.”
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a world leading diversified
industrial and manufacturing company that provides a wide array of
solutions to meet today's technology challenges. Cemtrex provides
manufacturing services of advanced custom engineered electronics,
industrial services, monitoring instruments for industrial
processes and environmental compliance, and systems for controlling
particulates, hazardous gases, emissions of Greenhouse gases, and
other regulated pollutants used in emissions trading globally.
www.cemtrex.com
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.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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