NEWTON, Mass., Aug. 20, 2015 /PRNewswire/ -- Dynasil Corporation of America (NASDAQ: DYSL) today announced that Dynasil's UK subsidiary, Hilger Crystals, Ltd., entered into a three year arrangement to supply high-quality crystal components to a leading global supplier of security inspection equipment utilizing X-ray and gamma-ray imaging.
"We are very happy to announce this agreement showcasing Hilger's expertise in crystal arrays and fabrication," said Peter Sulick, Dynasil's Chairman of the Board, Chief Executive Officer and President.
"We believe that this new relationship may represent a significant growth opportunity for Hilger," said Jim Telfer, Managing Director of Hilger Crystals. "Being selected by this world-class company is a testament to the strength of our expertise in crystal technology and our development team," continued Mr. Telfer. "Along with improvements in our physical plant, including new materials processing equipment, we will be increasing our staffing requirements as we scale up for this product."
Mr. Telfer added: "While there are no contractual minimum obligations in the supply agreement, we believe, based on our current discussions with the customer, that we may receive orders for up to $6.0 million in product over the next twelve months and potentially $20.0 million over the three year term of the agreement. The anticipated business activity from this agreement will depend on actual customer demand, the timing of purchase orders submitted by the customer and our ability to satisfy those orders and otherwise perform pursuant to the terms of the supply agreement.
About Dynasil Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures optical detection and analysis technology and components for the homeland security, medical and industrial markets.
Combining world-class expertise in research and materials science with extensive experience in manufacturing and product development, Dynasil is commercializing products, including dual-mode radiation detection solutions for Homeland Security and commercial applications and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., N.Y., N.J. and the United Kingdom. More information about the Company is available at www.dynasil.com.
Safe Harbor This news release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results, including those relating to future sales under our optical component supply contract, are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management. These forward-looking statements may be identified by the use of words such as "plans", "intends," "may," "could," "expect," "estimate," "anticipate," "continue" or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward looking statements could differ materially from those stated in such forward looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, the frequency and volume of purchases made pursuant to our optical component supply agreement, our ability to develop and commercialize our products, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, foreign exchange rates, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices to governmental customers, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in the Company's 2014 Annual Report on Form 10-K, as filed on December 16, 2014 and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Patty Kehe Corporate Secretary Dynasil Corporation of America Phone: (617) 668-6855 email@example.com
SOURCE Dynasil Corporation of America