DALLAS, July 16, 2021 /PRNewswire/
-- COMSovereign Holding Corp. (NASDAQ: COMS)
("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE
Advanced and 5G Communication Systems and Solutions, today
announced that it has acquired RF Engineering & Energy
Resource ("RFEQ"), a specialist in the design, outsourced
manufacturing and distribution of ultra-high performance microwave
antennas and other branded solutions for the wireless and wireline
industries in the United States
and Latin America.
Terms of the transaction include total consideration of
approximately $2.2 million worth of
shares of restricted common stock and $550,000 in cash.
Transaction Highlights
- For over 20 years, RFEQ has been a leading provider of
high-quality microwave antennas and accessories. Providing the
industry's lowest cost of ownership, RFEQ has continued to innovate
and expand recently announcing the industry's first Universal
Licensed Microwave Antenna. Supporting frequencies from (6-42 GHz),
customers can now reduce sparing costs and safely future proof
their networks by leveraging this new Universal plug and play
architecture.
- RFEQ has been serving the needs of global customers with
expertise in advanced connectivity solutions including antennas,
cellular boosters / modems / routers, and IP-TV Solutions. RFEQ's
go-to-market strategy has been to work with strategic North
American Distributors that provide a diverse focus on both
geographical location and vertical concentration. RFEQ currently
serves tier-1 telecom customers in the
United States and throughout Latin
America including operators in Mexico such as Telcel, AT&T Mexico and
Claro.
"RFEQ has established itself as one of the world's leading
specialists in high performance antenna design and has been an
important partner and distributor of Licensed Microwave Antennas
Systems for nearly two decades. This accretive acquisition brings
many immediate benefits to COMSovereign including enhancing our
in-house wireless product development capabilities, adding
exceptionally talented and experienced engineers to our team, and
contributing a fully developed sales and distribution channel
serving tier-one customers," said Dan
Hodges, Chairman and CEO of COMSovereign Holding Corp. "We
are looking forward to having Thomas
Mansfield and the entire RFEQ team join the COMSovereign
family."
For more information about COMSovereign, please visit
www.COMSovereign.com and connect with us on Facebook and
Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. (Nasdaq: COMS) has assembled a portfolio of communications
technology companies that enhance connectivity across the entire
data transmission spectrum. Through strategic acquisitions and
organic research and development efforts, COMSovereign has become a
U.S.-based communications provider able to provide 4G LTE Advanced
and 5G-NR telecom solutions to network operators and enterprises.
For more information about COMSovereign, please visit
www.COMSovereign.com.
About RF Engineering & Energy Resource
RF
Engineering & Energy Resource provides product design,
manufacturing outsourcing and distribution of various branded
solutions for the wireless and wireline industries. Offering a
diverse product array ranging from Ultra-High Performance Microwave
Antennas (2.4 GHz to 80GHz), to (900Mhz-5.95GHz) Sector / Panel /
Omni / Yagi; RF Engineering & Energy Resources supports the key
manufacturers of today and through our universal interface, we can
support your investment in the tomorrow.
Forward-Looking Statements
Certain statements in this
press release that are not historical facts are forward-looking
statements that reflect management's current expectations,
assumptions, and estimates of future performance and economic
conditions, and involve risks and uncertainties that could cause
actual results to differ materially from those anticipated by the
statements made herein. Forward-looking statements are generally
identifiable by the use of forward-looking terminology such as
"believe," "expects," "may," "looks to," "will," "should," "plan,"
"intend," "on condition," "target," "see," "potential,"
"estimates," "preliminary," or "anticipates" or the negative
thereof or comparable terminology, or by discussion of strategy or
goals or other future events, circumstances, or effects. Moreover,
forward-looking statements in this release include, but are not
limited to, the impact of the current COVID-19 pandemic, which may
limit access to the Company's facilities, customers, management,
support staff, and professional advisors, and to develop and
deliver advanced voice and data communications systems, demand for
the Company's products and services, economic conditions in the
U.S. and worldwide, and the Company's ability to recruit and retain
management, technical, and sales personnel. Further information
relating to factors that may impact the Company's results and
forward-looking statements are disclosed in the Company's filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date of this press release, and
the Company disclaims any intention or obligation, other than
imposed by law, to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Contacts:
Steve Gersten, Director of
Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
External Investor Relations:
Chris Tyson, Executive Vice
President
MZ Group - MZ North America
949-491-8235
COMS@mzgroup.us
www.mzgroup.us
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE COMSovereign Holding Corp.