Brooklyn, NY, Oct. 12, 2021 (GLOBE NEWSWIRE) — – Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, today provided a corporate update on its business operations, financials and industry outlook.
Cemtrex is a diversified holding company with operating brands that now include:
- Vicon Industries Inc. – Creating the best video surveillance solutions for commercial, industrial, and government applications.
- SmartDesk – State of the art, fully integrated, intelligent workstations for modern workflows.
- CXR – Realizing the potential of VR/AR by offering development services, building in-house VR/AR first brands, and investing in best-in-class companies and brands.
- CXR Inc. – Creating VR / AR solutions for third party brands like Richemont, Modelo and more.
- Bravo Strong VR – VR Gaming Studio working to develop action and adventure facets of the spatial computing metaverse
- Virtual Driver Interactive – Training solutions for novice drivers.
- Advanced Industrial Services – Single source, premier industrial contracting firm.
- Goodtech (formerly CemtrexLabs) – Full-stack, creative technology lab specializing in enterprise, web, and mobile development, user experience design and innovative engineering services.
“Throughout the second half of CY 2021 we have continued to see demand improvement as the economy has reopened and businesses are returning to pre-pandemic operations,” said Saagar Govil, Cemtrex CEO. “In response we are investing in sales and marketing staff across the board to grow our business and increased R&D spend to drive innovation. We expect these investments to drive top line growth over the next two to three years. Additionally, we continue to evaluate acquisition opportunities for strategic growth. Operationally we are advancing our product development and pipelines across all our brands.”
“This year we made substantial progress in our product roadmap by releasing a brand new NDAA compliant state-of-the-art camera line, a new high end sever line, as well as some exciting products like our 360-degree multisensor camera and thermal kiosk camera. Vicon will be launching a proprietary AI based analytics solution next year as well as major improvements to its core software platform Valerus. We remain positive on our outlook for Vicon as the Security Technology market continues to improve and with on-going investment into the product roadmap and business we expect ongoing momentum with our internationally recognized brand.”
“In the first quarter of 2021, we announced the next generation SmartDesk, the SmartDesk Connect. The product is an evolution of original patented SmartDesk, providing many of the same features but also allowing users to use their own laptop instead of a built-in PC. SmartDesk has experienced some supply chain and delivery issues over the last two quarters resulting in limited product deliveries of SmartDesk Connect. However, we expect these issues to resolve in CY21 Q4 and we plan to ramp up our sales and marketing efforts thereafter.”
“Bravo Strong has continued with the development of our first VR game and expects a beta release of StarForceVR in Oculus Quest App Lab in CY22 Q1. StarForce VR is a first-person shooter experience that is based off the popular sci-fi series, Star Force, by BV Larson and we expect interest for this game based on this bestselling author’s series.”
“Looking ahead we are highly committed on executing our development roadmap of next generation high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision for security applications. Our positive outlook for 2022 is driven by a focus on innovation and product development, and by the achievements of our operating brands. We expect an improvement in our business as the pandemic recedes and with our operational investments are well positioned for long term growth,” 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. www.cemtrex.com.
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.