Cemtrex, Inc. (NasdaqCM:CETX) acquired 41.5% stake in Vicon Industries, Inc. (NYSE: VII) from NIL Funding Corporation on March 23, 2018. Pursuant to the terms of the agreement, Cemtrex acquired 7.284824 million common stock and 1.5 million warrant stock from NIL Funding. Following the closing of the transaction, Saagar Govil, Cemtrex's Chairman and Chief Executive Officer, and Aron Govil, Cemtrex's Executive Director, joined the Vicon Industries Board of Directors and Saagar Govil assumed the position of Chief Executive Officer of Vicon Industries. The transaction is subject to approval by Vicon Board and certain third parties. Spencer G. Feldman of Olshan Frome Wolosky LLP acted as legal advisor to Cemtrex.

Cemtrex, Inc. (NasdaqCM:CETX) completed the acquisition of 41.5% stake in Vicon Industries, Inc. (NYSE: VII) from NIL Funding Corporation on March 23, 2018.