Kromek (AIM:KMK), a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded a five-year contract, worth $2.0m over the period, by a new OEM customer, a leading company in X-Ray Imaging Systems.
Under the terms of the agreement, the customer will incorporate Kromek’s technology into its baggage security screening systems to enhance detection of an extensive range of threat materials. Revenues from the agreement will commence in the current full year 2017/2018.
This is the second long-term contract Kromek has signed in the Security Screening Market in 2017, following the announcement in February 2017 of a five-year $3.1m agreement with an existing US-based customer that is an emerging leader and global company in the homeland security marketplace.
Dr Arnab Basu, Chief Executive Officer of Kromek, said:
“We are delighted to secure another long-term contract with a new OEM customer in the security screening market. This agreement further demonstrates the demand for our products and technology as all OEMs in this arena begin upgrading their legacy systems to bring them in line to detect modern day threats. We look forward to working with this new customer and developing a long-term relationship with them.”
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