Cemtrex Announces Strategic Partnership with Blockchain based Smartglasses Manufacturer, Lucyd
January 24 2018 - 9:05AM
Cemtrex Advanced Technologies (CAT), a subsidiary of Cemtrex
Inc. (Nasdaq: CETX, CETXP, CETXW), announced today that its
CemtrexVR (www.cemtrexvr.com) division has entered into a strategic
partnership to develop augmented reality (AR) solutions with Lucyd
(www.lucyd.co), a manufacturer of ergonomic smartglasses utilizing
a blockchain platform with its LCD token to create, share and
experience AR content.
CAT’s newly formed division CemtrexVR, has long term plans to
develop integrated hardware and software solutions for a wide
variety of virtual and augmented reality applications. One area
Cemtrex is initially focusing on is developing solutions for
industrial applications, leveraging its extensive Fortune 500
customer base, to improve manufacturing production time and quality
control using AR / VR. The company is already in early stage
discussions with a Top 10 global aerospace equipment manufacturer
for a pilot demonstration within the next six months.
Cemtrex’s Chairman and CEO, Saagar Govil, said, “We are
extremely excited about this new partnership as it allows us to
participate in the two most cutting-edge technologies: blockchain
platform and AR, thus providing us an opportunity to establish
ourselves in this emerging space. Collaborating closely with
leading edge manufacturers of augmented reality glasses like Lucyd,
Vuzix, and Magic Leap is a core part of our strategy as we look to
integrate our proprietary industrial software applications with
agile eyewear that can work effectively in hazardous manufacturing
environments. We are at Day 1 of VR and we expect this market will
closely resemble the PC or mobile device market over the coming
years in terms of scope and size.”
“We will be developing and releasing a few agile software
applications for the AR / VR markets over the coming months in 3
different verticals all with significant long-term monetization
potential,” continued Saagar Govil.
Lucyd CEO Clifford M. Gross, “We are very excited to work
together with Cemtrex VR to support their AR apps on the
smartglasses we are developing. We believe Cemtrex VR’s vast
development experience combined with Cemtrex's long-standing
presence in industrial and manufacturing markets will enhance the
utility and adoption of Lucyd Lens smartglasses.”
Cemtrex is planning to develop these new cutting-edge solutions
under its new division CemtrexVR, www.cemtrexvr.com, which was
formed as the Company recently acquired assets and talent after
completing its previously announced acquisition. Cemtrex VR has
offices in New York City and Pune, India with over 40 developers
with vast experience in developing applications for VR / AR, PC,
mobile, and web.
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, 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.
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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