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Cemtrex, Inc. (CETX)

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1.5500-0.0600 (-3.73%)
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1.5300 -0.02 (-1.29%)
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Previous Close1.6100
Open1.6100
Bid1.5300 x 1400
Ask1.5800 x 1000
Day's Range1.5300 - 1.6499
52 Week Range0.7020 - 4.2000
Volume576,008
Avg. Volume4,425,404
Market Cap27.851M
Beta (5Y Monthly)2.20
PE Ratio (TTM)N/A
EPS (TTM)-1.3650
Earnings DateJan 05, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar 29, 2017
1y Target Est2.75
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  • Cemtrex Provides Corporate Update on Product Pipeline and Business Operations
    GlobeNewswire

    Cemtrex Provides Corporate Update on Product Pipeline and Business Operations

    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. About Cemtrex 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. Forward-Looking Statements 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. CONTACT: Investor Relations Chris Tyson Executive Vice President – MZ North America Direct: 949-491-8235 CETX@mzgroup.us www.mzgroup.us

  • Cemtrex Reports Fourth Quarter and Full Year 2020 Financial Results
    GlobeNewswire

    Cemtrex Reports Fourth Quarter and Full Year 2020 Financial Results

    2020 Revenue Increases 11% to $43.5 Million & 2020 Gross Profit Margin Increases 400 Basis Points to 44%Brooklyn, NY, Jan. 05, 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, has reported its financial and operational results for the fourth quarter and year ended September 30, 2020. Key Fourth Quarter 2020 and Subsequent Operational Highlights * Received a $1 million order for a security technology system through its Advanced Technology Segment for a state-of-the-art video surveillance security system, including its Valerus software solution as well as cameras and related storage hardware, for a large correctional facility in the United Kingdom. * Vicon subsidiary released highly advanced updated Thermal Sensor models, a 360-degree surveillance solution that combines powerful high-end thermal technology with high-resolution PTZs (pan/tilt/zoom) for unparalleled perimeter protection in wide-open spaces like power stations, airports, corrections facilities, construction sites, and other secure facilities. * Engaged international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets. * Subsidiary Vicon awarded a $500,000 contract from a major Pacific Northwest school district for its V1110 series Thermal Body Temperature Measurement Camera. * Received a $500,000 order to upgrade a security technology system through the Advanced Technology Segment for a large Tennessee based corrections facility. * Completed acquisition of training simulation technology company Virtual Driver Interactive (VDI) to enhance the Company’s Augmented & Virtual Reality Growth Segment and VR Training product line. * Subsidiary VDI now offering the Driving EssentialsXE program on the newly released Sony PS5 and Microsoft Xbox Series X platforms, in addition to their full line of simulation training products for schools and public safety organizations. * Made a strategic investment into MasterpieceVR, the developer of a professional desktop and VR application suite that offers 3D content creation tools, primarily for virtual reality. * Unveiled the 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.Full Year 2020 Operational Highlights * WordPress VIP, the leading provider of enterprise WordPress, added CemtrexLabs to its prestigious Featured Agency Partner program, one of only 30 partners in this prestigious group and the first agency partner with full stack virtual and augmented reality (VR, AR & MR) capabilities. * Acquired two properties the Company had been leasing for its industrial segment business located in the York, PA area including a 48,000 sq ft and 25,000 sq ft facility, used for office, manufacturing, and warehousing needs. * Received over $300,000 in new orders for the development of virtual reality (VR) and augmented reality (AR) applications from 3 different customers, representing a 500% increase in the quarter from the prior year. * Received orders totaling over $2 million in its Advanced Technology segment for several security surveillance systems for government and commercial buildings including correctional facilities, including software development services for web, mobile, enterprise, and virtual reality applications. * Granted first patent for Cemtrex’s revolutionary and groundbreaking IoT product, the SmartDesk, which increases productivity and modernizes the personal workspace. * Vicon subsidiary released new Thermal Body Temperature Measurement Camera, the V1100B-THM-TEMP, designed to help organizations of all types to minimize the risk of reopening their facilities during the COVID-19 global pandemic. * Closed two registered direct offering priced at-the-market of $5.5 million and $5.4 million. * Vicon subsidiary released advanced edge-based analytics for select camera lines, including the new V980 series which can proactively alert security operators to critical events such as theft, suspicious objects, crowds gathering and more.Management CommentaryCemtrex’s Chairman and CEO, Saagar Govil, commented on the results: “2020 has been a milestone year for our company as we continued to innovate, grow and expand Cemtrex. Despite the challenges of a global pandemic, we increased revenues by 11% for the year, a testament to our team’s hard work and our focus on product development and strategic acquisition opportunities. We anticipate top line growth to continue in the coming year as our market returns to normal and customers reopen for business and resume purchasing.“In our 2020 fiscal first quarter we made significant progress in restructuring our businesses for the future, improving both EBITDA and gross margins, and saw a return to generating an operating profit. In the second quarter, we continued to see improvement in our businesses despite the short-term effects of COVID-19. We remained focused on executing our development roadmap of high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision. We received new orders across all our business segments, including a 500% increase in new orders for development of AR/VR applications and $2 million in new orders in our Advanced Technologies segment.“During our third quarter we received a major cash infusion of over $10 million from institutional investors which bolstered the balance sheet and fueled the Company for growth. With the financings completed, we have substantial cash to meet and accelerate the release of several exciting and innovative products we plan to deliver over the next twelve months.“Highlights from the fourth quarter included new contracts and upgraded products under our security technology brand, Vicon. This included a first of its kind order of its Thermal Body Temperature Measurement Cameras to assist in the detection and mitigation of COVID-19 risk at a major school district in the Pacific Northwest. Vicon also began offering an upgraded Thermal Sensor model for clients like airports and correctional facilities looking for cost-effective and comprehensive solutions to enhance their perimeter surveillance systems. During the fourth quarter we also expanded our commitment to the capital markets and to shareholders through enhanced investor relations initiatives with our new partner MZ Group.“More recently, in our first quarter of 2021, we announced the next generation SmartDesk, the SmartDesk Connect. The product is an evolution of original patented SmartDesk, providing may of the same features but also allowing users to use their own laptop instead of a built-in PC. Finally, our strategic acquisitions efforts paid off with the completion of our acquisition of Virtual Driver Interactive, a training simulation technology company, to enhance our Augmented & Virtual Reality growth segment & VR Training product line. Our investment in MasterpieceVR further complemented this segment, allowing us to capture more upside as the VR market continues to accelerate.“Throughout the year, we have striven to drive forward our business, achieving several key milestones in our internal roadmap with a focus on innovation and product development. 2020 was marked by our significant achievements across business segments, and our fortified our balance sheet. This is an exciting time for Cemtrex, and I believe we are well positioned to create sustainable value for our shareholders,” concluded Govil.Fourth Quarter and Full Year 2020 Financial ResultsRevenue for the full year of 2020 totaled $43.5 million, compared to revenue of $39.3 million for the full year of 2019, an 11% increase year over year. Revenues for the fourth quarter of 2020 were $10.7 million, compared to $10.9 million in the fourth quarter of 2019. The increase in revenues for the year were due to sales increases in the Advanced Technology Segment, with segment revenues for the years ended September 30, 2020 and 2019 of $25.8 million and $19.3 million respectively, an increase of 34%. Industrial Services segment revenues for the full year 2020 decreased by 11%, to $17.8 million, primarily due to the decrease in demand for services due to the COVID-19 crisis.Gross profit for the full year of 2020 was $19.4 million, or 44% of revenues, of which the fourth quarter contributed $5.4 million. The Company's 2020 gross margin increase was a result of the sale of products and services with higher profit margins.  Total operating expenses for 2020 were $23.4 million, of which $6.1 million were incurred in the fourth quarter. Total operating expenses for 2019 totaled $23.0 million. The increase in total operating expenses was primarily driven by increases in personnel costs, insurance and research and development, offset by savings measures enacted during the fiscal year.Operating activities for continuing operations used $2.2 million for the year ended September 30, 2020 compared to using $3.6 million of cash for the year ended September 30, 2019.The Adjusted EBITDA loss decreased by 87%, with $1.063 million loss in the year ended September 30, 2020, compared to $8.035 million loss for the year ended September 30, 2019. For the fourth quarter the Adjusted EBITDA increased by 108%, with a positive Adjusted EBITDA of $311 thousand in 2020, compared to a negative Adjusted EBITDA of $3.990 million for the same period in 2019. A reconciliation table of the adjusted EBITDA is provided below.Net loss for the full year of 2020 was $13.1 million, as compared to a net loss of $24.3 million in 2019. Net loss in the fourth quarter of 2020 totaled $4.4 million compared to a net loss of $16.3 million in the fourth quarter of 2019.Cash and cash equivalents totaled $19.7 million at September 30, 2020, as compared to $12.9 million at June 30, 2020 and $1.8 million at September 30, 2019.About CemtrexCemtrex, 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.Non-GAAP Adjusted EBITDA Reconciliation TableFollowing is a reconciliation of income from continuing operations attributable to the Company for the three months and year ended September 30, 2020 as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA. Three Months Ended September 30,  Year Ended September 30, 2020 In Thousands2020 2019  2020  2019  Net loss from continuing operations (GAAP measure)$2,387 $5,665  $8,894  $11,303  Non-GAAP adjustments:            Interest expense paid in equity shares 96  302   2,859   1,590  Income Tax Benefits 1,877  619   2,074   (1,336) Depreciation and amortization 725  754   2,898   3,014                            Adjusted Net Income/ (Loss)$311 $(3,990) $(1,063) $(8,035) Forward-Looking StatementsThis 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. Cemtrex Inc. and SubsidiariesCONSOLIDATED BALANCE SHEETS  September 30,  September 30,  Assets 2020  2019  Current assets         Cash and equivalents $19,490,061  $1,769,994  Restricted cash  1,582,798   1,088,091  Short-term investments  887,746   412,730  Accounts receivables, net  6,686,797   6,458,984  Accounts receivables - related party  1,432,209   771,519  Notes receivable - short-term  -   1,713,371  Inventory –net of allowance for inventory obsolescence  6,793,806   5,207,155  Prepaid expenses and other assets  1,188,317   1,455,765  Total current assets  38,061,734   18,877,609            Property and equipment, net  9,558,936   16,776,552  Right-of-use assets  2,728,380   -  Assets held for sale  8,323,321   -  Goodwill  4,370,894   4,370,894  Notes receivable - long-term  -   1,586,918  Deferred tax asset  -   2,282,867  Other  744,207   497,857  Total Assets $63,787,472  $44,392,697            Liabilities & Stockholders’ Equity         Current liabilities         Accounts payable $2,857,817  $4,236,945  Current portion of long-term liabilities  7,034,510   6,817,534  Lease liabilities - short-term  721,036   22,718  Deposits from customers  29,660   33,074  Accrued expenses  2,392,487   2,673,646  Deferred revenue  1,651,784   1,433,803  Accrued income taxes  89,318   419,541  Total current liabilities  14,776,612   15,637,261            Long-term liabilities         Loans payable to bank, net of current portion  1,871,201   2,240,526  Long-term lease liabilities, net of current portion  2,027,406   20,061  Notes payable, net of current portion  6,029,999   2,817,661  Mortgage payable, net of current portion  2,355,542   -  Other long-term liabilities  1,063,733   1,221,549  Series 1 preferred stock dividends payable  1,081,690   -  Paycheck Protection Program Loans  2,169,437   -  Deferred revenue - long-term  467,329   489,535  Total long-term liabilities  17,066,337   6,789,332  Total liabilities  31,842,949   22,426,593            Commitments and contingencies  -   -            Stockholders’ equity         Preferred stock , $0.001 par value, 10,000,000 shares authorized,         Series 1, 3,000,000 shares authorized, 2,156,784 shares issued and outstanding as of September 30, 2020 and 2,110,718 shares issued and outstanding as of September 30, 2019 (liquidation value of $10 per share)  2,157   2,111  Series A, 1,000,000 shares authorized, issued and outstanding at September 30, 2020 and September 30, 2019  1,000   1,000  Series C, 100,000 shares authorized, issued and outstanding at September 30, 2020  100   -  Common stock, $0.001 par value, 40,000,000 shares authorized, 17,622,539 shares issued and outstanding at September 30, 2020 and 3,962,790 shares issued and outstanding at September 30, 2019  17,623   3,963  Additional paid-in capital  63,313,336   40,344,837  Accumulated deficit  (33,172,690)  (20,067,685) Treasury stock at cost  (148,291)  -  Accumulated other comprehensive income  853,643   796,004  Cemtrex stockholders’ equity  30,866,878   21,080,230  Non-controlling interest  1,077,645   885,874  Total liabilities and stockholders’ equity $63,787,472  $44,392,697  Cemtrex Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME   For the year ended    September 30, 2020  September 30, 2019          Revenues $43,518,384  $39,265,041  Cost of revenues  24,153,937   23,702,367  Gross profit  19,364,447   15,562,674            Operating expenses         General and administrative  21,570,666   21,528,145  Research and development  1,827,286   1,481,879  Total operating expenses  23,397,952   23,010,024  Operating loss  (4,033,505)  (7,447,350)           Other income (expense)         Other Income  1,821,029   (62,705) Loss on equity interests  -   (342,776) Interest expense  (4,607,453)  (4,785,506) Total other expense, net  (2,786,424)  (5,190,987)           Net loss before income taxes  (6,819,929)  (12,638,337) Income tax benefit/(expense)  (2,073,835)  1,335,584  Loss from continuing operations  (8,893,764)  (11,302,753)           Loss from discontinued operations, net of tax  (812,895)  (10,559,963)           Net loss  (9,706,659)  (21,862,716)           Less income in noncontrolling interest  227,116   502,225  Net loss $(9,933,775) $(22,364,941) Preferred dividends  (3,171,230)  (1,965,500) Net loss available to Cemtrex, Inc. shareholders $(13,105,005) $(24,330,441)           Other comprehensive income         Foreign currency translation gain  57,639   1,624,253  Other comprehensive income attributable to noncontrolling interest  (35,345)  (344,952) Comprehensive income  22,294   1,279,301            Comprehensive loss $(13,082,711) $(23,051,140)           Loss Per Share-Basic         Continuing Operations $(1.28) $(6.07) Discontinued Operations $(0.08) $(4.66) Loss Per Share-Diluted         Continuing Operations $(1.28) $(6.07) Discontinued Operations $(0.08) $(4.66)           Weighted Average Number of Shares-Basic  9,611,516   2,267,501  Weighted Average Number of Shares-Diluted  9,611,516   2,267,501  Cemtrex Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF CASH FLOWS  For the year ended    September 30,   Cash Flows from Operating Activities 2020  2019          Net loss $(9,706,659) $(21,862,716) Net loss from discontinued operations  (812,895)  (10,559,963) Net loss from continuing operations  (8,893,764)  (11,302,753)           Adjustments to reconcile net loss to net cash provided/(used) by operating activities:         Depreciation and amortization  2,898,399   3,013,986  Gain/(loss) on disposal of property & equipment  37,910   471,019  Amortization of right-of-use assets  816,550   -  Change in allowance for inventory obsolescence  636,981   -  Change in allowance for doubtful accounts  (265,203)  -  Amortization of original issue discounts on notes payable  944,778   108,222  Share-based compensation  191,416   622,232  Interest expense paid in equity shares  2,859,125   1,590,374  Income tax expense/(benefit)  2,073,835   (1,335,584) Loss on equity interests  -   342,776  Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:         Accounts receivable  37,390   3,082,635  Accounts receivable - related party  (660,690)  (61,799) Inventory  (2,223,632)  1,341,569  Prepaid expenses and other current assets  267,448   (240,732) Other assets  (246,350)  (27,418) Other liabilities  (157,816)  1,221,549  Accounts payable  (846,340)  (2,114,250) Operating lease liabilities  (816,549)  -  Deposits from customers  (3,414)  (17,545) Accrued expenses  (4,820)  (493,921) Deferred revenue  195,775   228,024  Income taxes payable  (121,191)  -  Net cash used by operating activities - continuing operations  (3,280,162)  (3,571,616) Net cash provided/(used) by operating activities - discontinued operations  (812,895)  7,507,090  Net cash provided/(used) by operating activities  (4,093,057)  3,935,474            Cash Flows from Investing Activities         Net change in self-insured benefit deposits  (494,707)  (1,659,480) Purchase of property and equipment  (1,566,014)  14,000  Purchase of marketable securities  (475,016)  (398,291) Payments received on notes receivable  3,300,289      Net cash provided/(used) by investing activities - continuing operations  764,552   (2,043,771) Net cash provided by investing activities - discontinued operations  -   8,883,541  Net cash provided/(used) by investing activities  764,552   6,839,770            Cash Flows from Financing Activities         Proceeds from notes payable  8,485,000   2,595,000  Payments on notes payable  (851,640)  (414,859) Issuance of notes receivable  -   (3,300,289) Proceeds on bank loans  3,831,100   -  Payments on bank loans  (778,090)  (1,440,535) Proceeds from securities purchase agreements  12,462,648   -  Expenses on securities purchase agreements  (840,728)  -  Proceeds from at-the-market offerings  -   957,784  Expenses on at-the-market offerings  -   (41,438) Proceeds from the issuance of Series B Preferred Stock  -   500,000  Expenses from the issuance of Series B Preferred Stock  -   (25,000) Settlement of Series B Preferred Stock in cash  -   (273,092) Revolving line of credit  (425,812)  (925,124) Purchases of treasury stock  (338,775)  -  Payments on capital lease liabilities  (22,718)  (24,286) Net cash provided/used by financing activities - continuing operations  21,520,985   (2,391,839) Net cash used by financing activities - discontinued operations  -   (9,465,508) Net cash provided/(used) by financing activities  21,520,985   (11,857,347)           Effect of currency translation  22,294   1,624,253  Net increase in cash, cash equivalents, and restricted cash  18,192,480   (1,082,103) Cash, cash equivalents, and restricted cash at beginning of period  2,858,085   2,315,935  Cash, cash equivalents, and restricted cash at end of period $21,072,859  $2,858,085            Balance Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash         Cash and equivalents $19,490,061  $1,769,994  Restricted cash  1,582,798   1,088,091  Total cash, cash equivalents, and restricted cash $21,072,859  $2,858,085            CONTACT: Investor Relations Chris Tyson Executive Vice President – MZ North America Direct: 949-491-8235 CETX@mzgroup.us www.mzgroup.us

  • Cemtrex Launches Next Generation SmartDesk for Laptop Users
    GlobeNewswire

    Cemtrex Launches Next Generation SmartDesk for Laptop Users

    State-of-the-Art SmartDesk Connect  Includes 4K UHD Monitors, Sit-Stand Desk, Ergonomic Tabletop & Built-In Wireless Phone ChargerBrooklyn, NY, Dec. 17, 2020 (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 unveiled its new SmartDesk, the SmartDesk Connect. The SmartDesk Connect is 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 Company is expected to start taking orders on the product in January and shipping of units planned to start approximately four to eight weeks thereafter. The Company will be manufacturing the SmartDesk Connect in New York, from imported parts. The SmartDesk Connect will be available for purchase at $2299, with shipping and installation included.To learn more about SmartDesk Connect, watch the SmartDesk Connect video here.“Today is an important milestone for Cemtrex as we launch our next generation SmartDesk that encompasses new capabilities for today’s enterprise and retail consumers,” said Cemtrex’s CEO, Saagar Govil. “Now more than ever in today’s Covid-19 landscape, delivering a Mac and Windows  agnostic solution, whether for remote workers to bolster their home office setup or for enterprises looking to modernize their work environment, is paramount and something that our customers have expressed an interest in. I am also happy to report that the SmartDesk Connect will be made in the USA and we are proud to bring additional jobs to the NYC Metro area in the months and years to come,” concluded Govil.About CemtrexCemtrex, 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.Forward-Looking StatementsThis 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. CONTACT: Investor Relations Chris Tyson Executive Vice President – MZ North America Direct: 949-491-8235 CETX@mzgroup.us www.mzgroup.us