New York, NY, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of consumer and commercial sectors, announced its financial results for the fiscal year ending September 30, 2019.
Results of Fiscal 2019:
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “This past year we exited our Environmental businesses which have struggled in recent years due to decreasing government regulations globally. We also exited the Electronics Manufacturing segment because it had low margins and would face strong headwinds for the next several years due to the tepid outlook in Europe. This transition has allowed us to shift away from lower margin, low growth markets into higher growth technology markets with better long-term opportunities. The two restructured and retained segments have better gross and net margins with opportunities for attractive growth.”
“We also continue to see increased demand in our Advanced Technologies segment as we focus on security and IoT markets. The market for security technology products is increasing due to global demand for smart, safe cities and security surveillance today and will be a key part of our growth strategy for the next several years. Additionally, our team is focused on enhancing the SmartDesk with a lower price model that enables laptop docking as a primary feature. We will continue to balance our desire for positive operating cash flow with investments in research and development that will create long-term growth.”
“Furthermore, we always remain on the lookout for opportunistic and synergistic acquisitions which will have substantial long-term value to Cemtrex.” continued Mr. Govil.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is the manufacturer of the SmartDesk, the world’s most advanced workstation. Cemtrex is a diversified technology company that is driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems. www.cemtrex.com
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings 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. These risks and uncertainties include, but are not limited to: operational losses and negative cash flows; any need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our lenders; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; and, other factors 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.