FARMINGDALE, N.Y., Jan. 14, 2016 /PRNewswire/ -- Cemtrex (Nasdaq: CETX), a diversified industrial and manufacturing leader, announced today that Long Island Newspaper, Newsday, featured Cemtrex in an article on Monday, January 11th, 2016 discussing the Company's growth prospects from its recently secured Nasdaq uplisting in June of 2015.
In the article, Newsday.com writer, Aisha Al-Muslim, says, "Farmingdale-based Cemtrex Inc. hit a milestone last summer when it was listed on the Nasdaq stock exchange […] and began trading in June under the symbol CETX on the Nasdaq, a decade after it first joined the over-the-counter (OTC) exchange."
Cemtrex's CEO, Saagar Govil, who last week made Forbes' 2016 "30 under 30" list of the brightest young talents, said, "Once you are on Nasdaq it is like a welcome party. It gets us into the next level. In order to grow your company, you need more money […] and having more investors allow you to that."
Last month, Cemtrex reported revenue for the fiscal year ended Sept. 30, 2015, of $56.9 million, up 19 percent from $47.7 million the prior year. Net income increased 6 percent to $2.84 million.
"Listing on Nasdaq has a certain implied stability," said Alon Kapen, a partner at the Uniondale law firm Farrell Fritz who counsels entrepreneurs and emerging growth companies. "The upside is greater exposure and a higher-profile market. There are a lot more people trading on the Nasdaq. The flip side is Nasdaq has much stricter listing standards that have to be met."
Additionally, Cemtrex closed a $7.5 million deal to acquire Advanced Industrial Services Inc., a York, Pennsylvania, company that assembles industrial equipment and installs air filtration systems. The addition of the company will give Cemtrex installation capabilities that it didn't have before. With the acquisition of Advanced Industrial, Cemtrex's revenue is projected to grow by 50 percent and its workforce to expand from 240 to 375 employees.
Read the full article appearing on Newsday.com here: http://www.newsday.com/business/cemtrex-sees-nasdaq-listing-as-springboard-for-growth-1.11309649
Cemtrex, Inc. (NASDAQ: CETX) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants used in emissions trading globally.
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SOURCE Cemtrex, Inc.