HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Vicon Industries, Inc. (NYSE American: VII), a global producer of video security solutions, today announced that on March 23, 2018, Cemtrex, Inc. (Nasdaq: CETX, CETXP, CETXW), a technology and manufacturing company, purchased approximately 46% of Vicon’s outstanding common stock from NIL Funding Corporation.
In connection with the closing of the transaction, Saagar Govil, Cemtrex’s Chief Executive Officer and Chairman of the Board, was appointed to serve as Vicon’s Chief Executive Officer and Chairman of the Board; Aron Govil, a director of Cemtrex and its principal shareholder, was appointed to Vicon’s Board of Directors; and Julian A. Tiedemann resigned from Vicon’s Board of Directors. In addition, John M. Badke, Vicon’s former Chief Executive Officer, was appointed to serve as its Chief Operating Officer, and continues to serve as Vicon’s Chief Financial Officer.
Saagar Govil commented, “Cemtrex is very excited about this strategic investment and believes it can provide critical support to help Vicon deliver on its technology roadmap and expand into new markets.” John Badke commented, “Cemtrex has a worldwide operating presence and resources that should benefit Vicon as it seeks to execute its strategic objectives. We welcome their support at this critical stage in the Company’s rebuilding efforts.”
Vicon Industries, Inc. (NYSE American: VII) is a global producer of video management systems and system components for use in security, surveillance, safety and communication applications by a broad range of end users. Vicon’s product line consists of various elements of a video system, including video management software, recorders and storage devices and capture devices (cameras). Headquartered in Hauppauge, New York, the Company also has offices in Yavne, Israel and the United Kingdom. More information about Vicon, its products and services is available at www.vicon-security.com.
Cemtrex, Inc. (CETX) is a world leading multi-industry company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, extensive industrial services, integrated hardware and software solutions, virtual and augmented reality applications, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates and other regulated pollutants. The Company also develops its own proprietary IoT and wearable devices. www.cemtrex.com
Special Note Regarding 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 our new product offerings and our 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: our history of losses and negative cash flows; our need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our secured lender; 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; failure to stay in compliance with all applicable NYSE American requirements that could result in a delisting of our common stock; and, other factors discussed under the heading "Risk Factors" contained in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on September 7, 2017. 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.
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.