BOHEMIA, NY--(NewMediaWire - Mar 7, 2017)
- Amplitech Group,
Inc. (OTCQB: AMPG), a leader in
state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers
(PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced
filing of their FY2016 10-K. The Company continued its growth and
met its planned revenues in excess of $2 million setting a record
for the company. In the previous press release of January 2017, the
figures were inadvertently reported as those of AMPG (AmpliTech
Group, Inc.), when in fact they were referring to AMPG's sole
subsidiary, AmpliTech, Inc. The Company disclosed that the error
was due to the confusion associated with the similar names of the
two entities. The parent company, AMPG, does not generate revenue
but owns AmpliTech, Inc., which is the sole source of its revenue.
Although the two operate essentially as one company, the difference
in the financials is evident. This is due to the fact that the
parent company accounts for the expenses generated to maintain its
fully reporting public status, thus leading to the offset in the
consolidated financials. The reporting was merely an oversight and
purely unintentional. Another unexpected expense that had to be
accounted for in the fourth quarter was the tax liability for 2016.
The Company had NOL carryovers from previous years that could not
be used as planned. Notwithstanding the unexpected issues
mentioned, the Company still had an outstanding year of profit and
revenue. Below are some highlights of 2016:
Key Highlights and Traction in 2016:
- Record revenues of over $2 million. A 37% increase from
prior year
Increase in gross profit of 40%
Net Income of $415K and EBITDA of ~$500K
Decrease in interest expense of 57%
New facility with increased efficiency and more space for
growth
New website with increased functionality and product exposure
for increased sales worldwide
Investment in R&D creating new product lines with higher
margins
Entered into agreement with a leading national distributor to
increase sales, enhance marketing, and stock inventory
to support customer demand
Exhibited in leading industry Mega trade shows (IMS 2016 and
EDICON 2016)
Sufficient backlog of orders and pursuing several sources of
organic revenue to significantly increase sales over the next
2 to 3 years
Coming in 2017:
- IMS 2017 Trade Show in Honolulu, Hawaii
EDICON 2017 Trade Show in Boston
Satellite 2017 Conference
Increased online and print advertising to boost exposure and
awareness
Strategic partnerships with leading OEMs for leading-edge
technology ventures
Connect with us on Twitter (@AmpliTechAMPG) and give us your
feedback.
About Amplitech Group, Inc:
AmpliTech Group, Inc. designs, develops, and manufactures custom
and standard state-of-the-art RF (Low Noise Amplifiers (LNA) and
Power Amplifiers (PA) for the Domestic and
International, SATCOM, Space, and Military markets. These designs
cover the frequency range from 50 kHz to 40 GHz - eventually,
offering designs up to 100 GHz. AmpliTech also provides consulting
services to help with any microwave components or systems design
problems. Our steady growth over the past 13+ years has come about
because we can provide complex, custom solutions for nearly ANY
custom requirements that are presented us. In addition, we have the
best assemblers, wires, and technicians in the industry and can
provide contract assembly of customers' own designs.
Click here to view AmpliTech video.
Website: www.AmpliTechInc.com
Safe Harbor Statement:
With the exception of historical information contained in this
press release, content herein may contain "forward looking
statements" that are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. Investors are
cautioned that forward looking statements involve risks and
uncertainties that could cause actual results to differ materially
from the statements made. Matters that may cause actual results to
differ materially from those in the forward-looking statements
include, among other factors, the gain or loss of a major customer,
change in environmental regulations, disruption in supply of
materials, a significant change in general economic conditions in
any of the regions where our customer utilities might experience
significant changes in electric demand, a significant disruption in
the supply of coal to our customer units, the loss of key
management personnel, failure to obtain adequate working capital to
execute the business plan and any major litigation regarding the
Company. In addition, this release contains time-sensitive
information that reflects management's best analysis only as of the
date of this release. The Company does not undertake any obligation
to publicly update or revise any forward-looking statements to
reflect future events, information or circumstances that arise
after the date of this release. Further information concerning
issues that could materially affect financial performance related
to forward-looking statements contained in this release can be
found in the Company's periodic filings with the Securities and
Exchange Commission.