FARMINGDALE, N.Y., Dec. 21, 2011 /PRNewswire/ -- Cemtrex, Inc. (OTC: CTEI) announced today that Arun Govil has resigned as the CEO of the Company effective Dec. 19 and the Board of Directors is pleased to announce that Saagar Govil has been appointed as the new CEO.
Mr. Arun Govil will remain on the Board of Directors of the Company serving as its Chairman. Mr. Govil's decision to resign was not due to any dispute or disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Arun Govil indicated that he stepped down so that he could spend more time on his other business ventures. Saagar Govil has been a director of the Company for the past two years and brings a new vision to the Company.
Saagar indicated that, "This past year has been a success for us as we returned to profitability and focused on achieving long-term steady growth in our present business activities. Looking into 2012, we will focus on growing Cemtrex by exploring new opportunities through strategic acquisitions."
Saagar Govil, 25, has been with the Company since July 2008 and is presently Vice President, Operations for the past year. Over the past 3 years at Cemtrex he has served in various positions including Product Engineer, Sales Manager, and General Manager. As Vice President of Operations this past year he was instrumental in bringing the company back to profitability. Saagar Govil has a B.S. in Materials Engineering from Stony Brooke University, N.Y. Saagar Govil is the son of Arun Govil.
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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.
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SOURCE Cemtrex, Inc.