Cemtrex Issues Annual Letter to Shareholders for Fiscal Year 2012
FARMINGDALE, N.Y., Jan. 9, 2013 /PRNewswire/ -- Cemtrex Inc. (OTC: CTEI) announced today that its CEO & President, Saagar Govil, has issued an Annual Letter to shareholders providing updates. The following is an excerpt from the letter:
"To our Shareholders and Investors,
"Let's talk Cemtrex! This is my first Annual Letter since taking office and I will try to make it a regular event you can look forward to in order to hear directly from me about the business activities of Cemtrex. Many of you have been asking about what Cemtrex's plans are for 2013 and beyond and what have we been working on the past year since my appointment as CEO in December of 2011.
"My initial goals in the role were to improve our balance sheet, continue to grow the company, and determine the direction of the company for the next few years considering that the environmental legislations that the Company had hoped for previously never materialized.
"As far as improving our balance sheet two of the primary metrics I use to evaluate our progress are book value and current ratio. Our book value has increased from $94,486 to $816,685, a growth of 849%. This year we also improved our current ratio from about 2.9 to 4.5. These two improvements with the addition of reducing our overall debt obligations have been essential to our on-going growth plans and making Cemtrex an attractive investment to new investors.
"Our strategy to grow the company is multi-faceted to say the least. While our heritage has been in the emissions monitoring business we are by no means married to it. Due to the stagnation of environmental regulations domestically we believe it is imperative to utilize our strengths and find more opportunities where we can count on consistent long term growth. Although regulations create an opportunity for our emissions monitoring business, existing regulations create primarily a replacement market and the lack or postponement of new regulations has hindered our business in the past – think mercury and CO2 related regulations; this is something we aim to avoid moving forward. In mature markets like this one, pricing typically is the leading differentiator between competitors and reducing our margins to gain market share is not a long term viable strategy to grow in my opinion. As a result we aim to grow our existing businesses through enhancing and differentiating our existing products, expanding product offerings, and providing more value added services.
"One way we are doing this is by expanding into product lines that allow us to serve our existing customer base in more ways. This year we signed a distribution agreement with Modcon, an Israeli company, specializing in oil & gas analysis systems. These systems will help many of our existing refinery customers to achieve high ROI and these sales are not regulation driven.
For the full text of the 2012 Annual Letter please visit http://www.cemtrex.com/investor-relations.html.
Cemtrex Inc. (www.cemtrex.com) is a worldwide market leader in manufacturing and selling the most advanced instruments for emission monitoring products for the industry. Cemtrex also markets process analysis systems for industrial optimization techniques for refineries and boilers. The company also markets Green DCV, an innovative energy efficiency solution for high-quality green commercial buildings, through optimizing HVAC control systems. The Company's products are sold to power plants, refineries, chemical plants, cement plants and other industries, including federal and state governmental agencies.
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.
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SOURCE Cemtrex Inc.