FARMINGDALE, N.Y., Jan. 20, 2015 /PRNewswire/ -- Cemtrex, Inc.
(OTC: CTEI) today announced that the company has received new
orders in excess of $5,000,000 in its
electronics manufacturing business.
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Deliveries of the new products are expected to begin early this
year and continue over the next 12 months primarily to European and
global original equipment manufacturers. Approximately half of the
new orders were related to the medical devices industry and the
remaining orders were from a variety of industries including
wearables, industrials, and automotives.
Cemtrex's Chairman & CEO, Saagar Govil, commented, "With
these recent orders we are still seeing continued demand in the
European market despite overall concerns about the areas' economic
problems. We are encouraged to obtain orders in the medical devices
industry as that is a key component of where we are looking for
long term growth. Additionally we have new orders from another
customer for manufacturing cutting edge products in the wearables
technology industry we helped develop on their behalf. One of our
goals is to be a manufacturing partner of some of the most
innovative technologies in the world and these new orders
demonstrate our progress on that front."
The medical devices industry, according to Visiongain, is said
to reach approximately $400 billion
by 2017 up from $320 billion in 2012,
due largely to the fact that the global population over 65 is
expected to rise over 1 billion by 2020. Based on one recent report
from Cowen Research, the wearable electronic industry is expected
to reach $170 billion by 2020 from
less than $10 billion today, which
would range from products such as smart garments to Google's Glass
and Apple's iWatch.
About Cemtrex, Inc.
Cemtrex, Inc. (OTC: CTEI) is a diversified technology company that
provides a wide array of solutions to meet today's industrial
challenges. Cemtrex, through its wholly owned subsidiaries provides
electronic manufacturing services of custom engineered printed
circuit board assemblies, emission monitors and instruments for
industrial processes, and environmental control and air filtration
systems for industries and utilities.
corporate.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
Email
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SOURCE Cemtrex, Inc.