Vicon Industries Announces Cemtrex Has Purchased ~46% Of Its Outstnading Stock From NIL Funding Co.

HAUPPAUGE, N.Y.--(BUSINESS WIRE)-- 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.”