Cemtrex Acquires Stake in Security & Video Surveillance Company, Vicon Industries
March 26 2018 - 8:32AM
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading
technology and manufacturing company, today announced that it
has entered into an agreement to acquire ownership of approximately
46% of the outstanding common stock of Vicon Industries, Inc.
(NYSE: VII), a New York based leading provider of mission critical
security and video surveillance systems.
Cemtrex’s CEO and Chairman, Saagar Govil, commented, “This
transaction represents a strategic investment for the Company as we
continue to expand our operations into long term growth markets.
Vicon is a strong brand in the security & surveillance market,
with a great new product, Valerus, in an expanding market that is
ripe for continued innovation. We are looking forward to leading
Vicon to long term success.”
Since 1967, Vicon has been a leading manufacturer of
mission-critical security surveillance systems. Vicon is focused on
providing solutions that are engineered not just for performance
and features, but for simplicity in deployment, operation and
maintenance. Vicon’s mission is to serve as a valued security
technology partner to their customers by reducing security
solution complexity, ensuring a superior experience.
According to Markets & Markets, the video surveillance
market was valued at USD 30.37 Billion in 2016 and is projected to
reach USD 75.64 Billion by 2022, at a CAGR of 15.4% between 2017
and 2022. The market is segmented on the basis of ecosystem
(cameras, monitors, storage and software), application areas and
geographical regions. The rising security concerns, along with the
need for highly efficient, time-saving surveillance systems at
affordable costs, is one of the pressing matters to be looked upon
in the industry. The effort to deliver such solutions, along with
the growing application across various verticals, is acting as one
of the major drivers for the video surveillance industry.
About CemtrexCemtrex, Inc. (NASDAQ:CETX) is a
world leading multi-industry company that provides a wide array of
solutions to meet today's technology challenges. Cemtrex provides
manufacturing services of advanced custom engineered electronics,
extensive industrial services, integrated hardware and software
solutions, virtual and augmented reality applications, monitoring
instruments for industrial processes and environmental compliance,
and systems for controlling particulates and other regulated
pollutants. The Company also develops its own proprietary IoT and
wearable devices.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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