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Amphion investee Kromek wins US$0.4 million award from Global Security Challenge

Amphion investee Kromek wins US$0.4 million award from Global Security Challenge

IP commercialisation company Amphion Innovations (AIM: AMP) has announced that its portfolio company Kromek has won yet another award, winning the title of the Security SME (small and medium sized enterprises) of 2009 at the Global Security Challenge competition in London.

The global finals were held at the London Business School and attended by worldwide security professionals, venture capitalists and industry representatives. The event was sponsored among others by Smiths Detection, BAE Systems (LSE: BA) and Accenture.

Within the best SME category, the GSC looks for businesses that develop technologies that cover the demands of public security, including technologies that provide governments, businesses and communities with technology to defend against terrorist and other attacks.

More than 200 companies participated in the competition, with Kromek winning the Western European GSC competition to advance to the finals where it defeated finalists from Australia, the US and Spain.

“The award represents an important validation for Kromek's technology and a valuable boost to our funding, which will help to develop our range of security products. Winning this category reflects the extent to which the company is pushing technological boundaries and setting a pace for the industry, worldwide,” said Chief Executive of Kromek Amab Basu.

Kromek specialises in making semiconductor materials within the Cadmium Telluride family, also supplying x-ray imaging packages with multi-view capabilities, providing real 3D x-ray imaging without specialist viewing equipment.

The company’s most recent award came last month, when Chief Executive Amab Basu was named The Ernst & Young Entrepreneur of the Year. Kromek has drawn praise for “breaking boundaries and solving problems which others have tried to solve over many years” by developing an x-ray technology which can distinguish dangerous chemicals form other similar looking liquids. Failed bombings of transatlantic flights with liquid explosives by al-Quaeda inspired terrorists back in 2006 led to the introduction of enhanced security measures which are estimated to have cost British airlines and airports £100 million.

Amphion holds a 19.99% stake in Kromek.

Its other investments include Firestar Software (15.3%), Axcess International (8.5%), Motif Biosciences (38.5%), MSA Holdings B.S.C. (50%), M2M Imaging Corp (24.4%), Myconostica (22%), Private Markets (25%), WellGen (14.6%), and DataTern (100%).

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