Cemtrex Inc (NASDAQ: CETX) is having a great trading session in the market today, and for good reason. The company issued a press release early this morning, informing investors of a blockchain related partnership. Of course, like just about all other blockchain news in the market recently, this news led to some serious excitement among investors who are sending the stock screaming for the top. Today, we’ll talk about the partnership, what we’re seeing from CETX, and what we’ll be watching for ahead.
CETX Announces Blockchain Partnership
As mentioned above, Cemtrex is having an incredible day in the market today after releasing blockchain partnership news. In a press release issued early this morning, the company announced that its subsidiary, Cemtrex Advanced Technologies, has entered into a partnership agreement. According to the release, the CemtrexVR division has entered into a strategic partnership with Lucyd.
According to the release, CETX and Lucyd will work together to develop augmented reality solutions. Cemtrex Advance Technologies’ newly formed CemtrexVR division has long term plans to develop integrated hardware and software for a wide variety of virtual and augmented reality applications. In the release, the company said that it would initially focus on developing solutions for industrial applications, leveraging its Fortune 500 customer base, with a goal of improving manufacturing production time and quality control using virtual and augmented reality The company will also be incorporating blockchain technologies in order to make this the best technology in its space. In a statement, Saagar Govil, Chairman and CEO at CETX, had the following to offer:
We are extremely excited about this new partnership as it allows us to participate in the two most cutting-edge technologies: blockchain platform and AR, thus providing us an opportunity to establish ourselves in this emerging space. Collaborating closely with leading edge manufacturers of augmented reality glasses like Lucyd, Vuzix, and Magic leap is a core part of our strategy as we look to integrate our proprietary industrial software applications with agile eyewear that can work effectively in hazardous manufacturing environments. We are at Day 1 of VR and we expect this market will closely resemble the PC or mobile device market over the coming years in terms of scope and size.
We will be developing and releasing a few agile software applications for the AR / VR markets over the coming months in 3 different verticals all with significant long-term monetization potential.
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