Brooklyn, NY, March 26, 2021 (GLOBE NEWSWIRE) — — Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, today provided a corporate update on its product shipment pipeline, business operations, financials and industry outlook in the first quarter and remainder of 2021.
Beginning in late March, Cemtrex will begin shipments of its new SmartDesk Connect, an advanced workstation that includes 4K UHD monitors, a sit-stand desk, ergonomic tabletop, with built-in wireless phone charger, all powered by a user’s laptop when connected to the SmartDesk.
The product is an evolution of the Company’s original SmartDesk, which is an advanced workstation that includes a powerful Windows 10 machine. This new SmartDesk Connect provides much of the same features but allows users to use their own laptop instead of a built-in PC. This allows the product to work with both Windows and MacOS. The SmartDesk Connect is available for purchase at $2,299, with shipping and installation included. Cemtrex expects to begin ramping its sales and marketing activities to promote the SmartDesk Connect throughout 2021.
Cemtrex’s first VR game, StarForceVR, is slated for release in the fourth quarter of 2021, which will be a first person shooter available on popular VR platforms. The game was inspired by the popular 12 book sci-fi series “StarForce”, by BV Larson, in which Earth is annexed by an alien empire and thrown into an interstellar war.
“With the ongoing transition to work-from-home for many workers and the need for enterprises to accommodate their returning workers, the SmartDesk Connect encompasses new capabilities for today’s enterprise and retail consumers,” said Cemtrex’s CEO, Saagar Govil. “We expect to see increasing demand as we market SmartDesk Connect’s features and functionalities.
“However, we have continued to see weakness in our Industrial segment due to COVID-19 in the first FY quarter of 2021 and into the current quarter. We are hopeful that as the economy is fully reopened, businesses will also return to normal. We also saw unexpected weakness in our Advanced Technologies segment for first FY quarter 2021 and through the current quarter also primarily attributable to COVID-19. In the last few weeks, we have seen business activity pick up due to many states relaxing COVID-19 related restrictions and are hopeful that the June quarter will be closer to pre-pandemic levels as vaccinations are more broadly disseminated.
“We are working diligently to bring our first VR game to market later this year. The global VR gaming market size is expected to reach $92.3 billion by 2027, expanding at a CAGR of 30.2% over the forecast period, according to a report by Grand View Research. The increasing demand for technologically progressive electronic games amongst millennials is driving the intense growth, and we expect significant interest for this game based on this bestselling author’s series.
“Additionally, we were recently made aware of certain claims on social media that Cemtrex is involved with non-fungible tokens (NFT) and related markets. These claims have no basis, and the Company has no business activities with respect to NFTs at this time.
“In 2021, we are highly focused on executing our development roadmap consisting of exciting high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision for security applications over the coming months. We have striven to drive forward our business, achieving several key milestones with a focus on innovation and product development, despite the challenges of a global pandemic. We are diligently continuing our efforts on filing our late 10-Q, and expect to share our financial results with our shareholders as soon as possible,” concluded Govil.
Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.