HOUSTON, Aug. 2, 2021 /PRNewswire/ -- Orbital Energy
Group, Inc. (NASDAQ: OEG) ("OEG") today announced its
telecommunications subsidiary, Gibson Technical Services, Inc.
("GTS"), has entered into a definitive Stock Purchase Agreement
("SPA") to acquire 100% of IMMCO, Inc. ("IMMCO"), an Atlanta-based, privately-owned full-service
telecom engineering and network design company providing
diversified engineering services and customized software solutions
to a global customer base since 1992.
The acquisition will immediately add revenues and earnings to
GTS and to OEG. IMMCO will become a wholly-owned subsidiary
of GTS, significantly expanding GTS's product portfolio and
services it can provide to its customers. IMMCO's senior
management team, including CEO and 40-year industry veteran,
Keith R. Hayes, will remain with the
company. Neither OEG nor GTS expects organizational changes
to IMMCO's successful, long-term operations.
IMMCO is a leading provider of enterprise solutions to the cable
and telecommunications industries. It is ISO Certified (27001
& 9001) and specializes in 5G and fiber optic network design,
geospatial data services, and software development. The company has
approximately 400 employees across four offices in
the United States, India, Australia, and Europe. For 2021, IMMCO
expects to generate revenues of approximately $10.6 million.
"IMMCO is recognized in the telecommunications industry for
their expertise in engineering, software development, and
enterprise solutions. This transaction is consistent with
OEG's tuck-in acquisition strategy. Specifically, it will provide
significant synergies to our telecom platform, GTS, by expanding
the depth and breadth of the customer solutions we provide in a
market with significant multi-year momentum driven by the rollout
of 5G spectrum. Increasing bandwidth requirements in areas such as
healthcare, entertainment, and other public venues, will require a
new level of technical expertise, which is now enhanced by the
acquisition of IMMCO and positions OEG and GTS nicely to take
advantage of future RDOF (Rural Digital Opportunity Fund) project
awards. The FCC's recently announced $20.4 billion towards the RDOF program," stated
Jim O'Neil, OEG's Chief Executive
Officer & Vice-Chairman.
This acquisition, combined with GTS's Master Services
Agreements, capabilities, reputation, and extensive contacts
throughout the telecommunications industry, is another of several
acquisitions the Company plans to execute upon this year, as OEG
implements its strategy to transform into a full-service
electrical, telecommunications, renewable infrastructure services
platform.
"This transaction is exactly the reason the entire GTS
Management Team was so excited about joining OEG earlier this
year," explained GTS's CEO, Mike
McCracken. "Our talented technical employees and
world-class service team, combined with our telecommunications
industry reputation and OEG's resources, enabled us to make this
accretive acquisition; which, in turn, will allow us both to
further penetrate the telecommunications market. IMMCO's
established network, skilled workforce, technical, expertise, and
global reach will enhance GTS's ability to expand both organically
and through additional acquisitions. Allowing GTS to market
its broad portfolio of technical services to a much larger customer
base and geographic footprint."
"This is a significant milestone for IMMCO," said IMMCO's CEO,
Keith Hayes. "With the combination
of GTS and IMMCO, we will be able to increase our programs and
services to our existing customer base, as well as pursue growth
opportunities across a much broader market. We look forward
to a long and profitable partnership with OEG and its portfolio of
companies."
About Orbital
Orbital Energy Group, Inc. (Nasdaq: OEG)
is creating a diversified energy services platform through the
acquisition and development of innovative companies. Orbital
Energy's group of businesses includes Orbital Power Services,
Orbital Solar Services, Orbital Telecom Services and Orbital Gas
Systems.
Orbital Power Services provides engineering, construction,
maintenance and emergency response solutions to the power,
utilities, and midstream markets.
Orbital Solar Services provides engineering, procurement, and
construction ("EPC") expertise in the renewable energy industry and
established relationships with solar developers and panel
manufacturers in the utility scale solar market.
Orbital Telecom Services, operating as Gibson Technical
Services, has nationwide locations equipped to effectively support
multi-vendor OEM technology environments and outside plant
construction operations on an as-needed basis with specialized
services in broadband, wireless, outside plant and building
technologies, including healthcare. Orbital Gas Systems is a
30-year leader in innovative gas solutions, serving the energy,
power and processing markets through the design, installation and
commissioning of industrial gas sampling, measurement, and delivery
systems.
As a publicly traded company, Orbital Energy is dedicated to
maximizing shareholder value. But most important, our commitment to
conduct business with a high level of integrity, respect, and
philanthropic dedication allows the organization to make a
difference in the lives of their customers, employees, investors,
and global community.
For more information please visit:
www.orbitalenergygroup.com
Forward Looking Statements
This press release contains
certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and Private Securities Litigation Reform Act,
as amended, including those relating to the expected use of
proceeds. These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential," "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These
statements relate to future events and involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different
from any results, performance or achievements expressed or implied
by the forward-looking statements. Such factors include the
risk factors set forth in the Company's filings with the SEC,
including, without limitation, its Annual Report on Form 10-K for
the year ended December 31, 2020, its
periodic reports on Form 10-Q, and its Current Reports on Form 8-K
filed in 2020 and 2021, as well as the risks identified in the
shelf registration statement and the prospectus supplement relating
to the offering. Prospective investors are cautioned not to place
undue reliance on such forward-looking statements, which speak only
as of the date of this press release. Orbital undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investor Relations
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com
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SOURCE Orbital Energy Group, Inc.