– USA, NY – Vicon Industries, Inc. (NYSE: 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: 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.
For more information : http://www.vicon-security.com
Cemtrex, Inc. 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.
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