Kromek Group PLC Extension to nuclear detection contract with DARPA (0928C)
January 14 2015 - 1:00AM
UK Regulatory
TIDMKMK
RNS Number : 0928C
Kromek Group PLC
14 January 2015
Approved for Public Release, Distribution Unlimited
14 January 2015
Kromek Group plc
("Kromek" or the "Company")
Kromek awarded extension to nuclear detection contract with
DARPA
New award extends radiation network detector programme with U.S.
Defense Advanced Research
Projects Agency (DARPA)
Kromek, a radiation detection technology company focusing on the
medical, security and nuclear markets, is pleased to announce that
it has been awarded a modification to its existing contract with
the U.S. Defense Advanced Research Projects Agency ("DARPA"), an
agency of the U.S. Department of Defense with responsibility for
maintaining the technological superiority of the U.S. military, for
the development of radiation network detectors.
The programme with DARPA, which commenced in August 2014, is to
develop an advanced portable detection system for gamma and neutron
radiation that can be combined with other such systems to form
large networks that can provide information on radiation signatures
over an extended area.
The extension, worth up to $1.1m over 16 months, includes the
supply of additional Kromek detector systems and further
development of ASIC capabilities.
Arnab Basu, CEO of Kromek, said: "We are delighted to receive
this extension of the current contract from DARPA, which reflects
the excellent progress the Kromek team has made with its existing
programme obligations. That we were selected by an agency of the
U.S. government provides validation of our technological strength
and capabilities, and demonstrates our leading position in the
global markets.
"In addition, this programme represents a milestone in our
strategy of targeting opportunities for the development of network
sensors for nuclear detection. We look forward to furthering our
relationship with DARPA and continuing to develop cutting-edge
radiation detection solutions to enable safer environments."
Enquiries
Kromek Group plc
------------------------------------ --------------
Arnab Basu, CEO
Derek Bulmer, CFO 01740 626 060
------------------------------------ --------------
Panmure Gordon (Nominated Adviser
and Broker)
------------------------------------ --------------
Freddy Crossley - Corporate
Finance
Charles Leigh-Pemberton - Broking 0207 886 2500
------------------------------------ --------------
Luther Pendragon
------------------------------------ --------------
Harry Chathli, Claire Norbury,
Alexis Gore 0207 618 9100
------------------------------------ --------------
About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT"). Using
its core CZT technology Kromek designs, develops and produces x-ray
and gamma ray imaging and radiation detection products for the
medical, security screening and nuclear markets.
The Group's products provide high resolution information on
material composition and structure and are used in multiple
applications, ranging from the identification of cancerous tissues
to hazardous materials, such as explosives, and the analysis of
radioactive materials.
Kromek uses multiple technologies in its manufacturing
processes, including the established methods of 'liquid phase'
detector production, and also 'vapour phase' production methods,
which allow the production of high quality, high performance
detectors on an industrial scale. Kromek has an intellectual
property portfolio of more than 250 pieces of IP.
The Group's business model provides a vertically integrated
technology offering to customers, from the growth of CZT crystals
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by
Kromek, combined with the benefit of 25 years of research into CZT
production and the patents and trade secrets accumulated by the
Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California
and Pennsylvania), and is selling internationally through a
combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees
across its global operations.
This information is provided by RNS
The company news service from the London Stock Exchange
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