Wireless Telecom Group Announces Shareholder Approval For Microlab Sale, Reorganizes Leadership Team and Board of Directors to Accelerate Growth
February 25 2022 - 9:25AM
Wireless Telecom Group (NYSE American: WTT) (the “Company”), today
announced that its shareholders voted to approve the previously
announced sale of its RF Components product group, Microlab LLC
(“Microlab”), to RF Industries, Inc. at Wireless Telecom Group’s
special meeting of shareholders (the “Special Meeting”) held
February 25, 2022.
Based on preliminary voting results, more than
82.5% of the votes cast at the Special Meeting were in favor of the
approval of the purchase agreement. Wireless Telecom Group will
file the results of the Special Meeting, as tabulated by an
independent inspector of elections, on a Form 8-K with the
Securities and Exchange Commission.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “We are encouraged by the strong shareholder support for
the transaction, and we are expecting to close the Microlab sale
next week.”
Mr. Whelan added, “We expect to accelerate the
evolution of our operating platform after the successful and
transformative sale of Microlab, and we will operate and report our
business as two segments, T&M and RBS. We are also reorganizing
our leadership team around these two segments to best capitalize on
exciting market trends. Alfred Rodriguez, the Company’s Chief
Revenue Officer, will lead our RBS business as General Manager and
Senior Vice President. Dan Monopoli, currently the Company’s Chief
Technology Officer, will lead our T&M business as General
Manager and Senior Vice President. Both Alfred and Dan are
exceptionally skilled leaders and executives with deep expertise
within their respective products and markets.”
Alan Bazaar, Chairman of Wireless Telecom Group,
stated, “With the expected closing of the Microlab transaction, we
are transforming our business and continuing our focus on creating
shareholder value. I am pleased to announce that Scott Gibson, our
Vice Chairman, will assume the duties of Chairman at our 2022
annual shareholder meeting. Scott’s recruitment and onboarding as a
director in April 2021 was intended to further enhance the Board’s
skills and expertise. I believe Scott’s industry and leadership
experience is best suited to help the Company capitalize on
exciting growth opportunities within the satellite, semiconductor
and quantum computing sectors, as well as within 5G small cell and
private network deployments. We are encouraged by the execution of
our Board’s succession plan. We look forward to continuing the
refresh of our strategic plans and evaluating opportunities to
increase shareholder value during the ensuing months.”
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. In some cases, such forward-looking statements
may be identified by terms such as believe, expect, seek, may,
will, intend, project, anticipate, plan, estimate, guidance or
similar words. Investors are cautioned that such forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties that could materially affect
actual results, including but are not limited to, the ongoing
impact that the COVID-19 pandemic may have on our business,
including on our supply chain, and the general economy in the
future, our dependency on capital spending on data and
communication networks by our customers and end users, our
dependency on the deployment of 4G LTE and 5G NR private networks
and related services to grow our business, the impact of the loss
of any significant customers, the ability of our management to
successfully implement our business plan and strategy, our ability
to raise additional capital to fund our operations given our degree
of leverage, product demand and development of competitive
technologies in our market sector, the impact of competitive
products and pricing, our abilities to protect our intellectual
property rights and our ability to manage risks related to our
information technology and cyber security, among others. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or projected. These
risks and uncertainties are disclosed in our Annual Report on Form
10-K for the year ended December 31, 2020. The Company’s
forward-looking statements speak only as of the date of this
release. The Company undertakes no obligation to publicly update or
review any forward-looking statements, whether as a result of new
information, future developments or otherwise, except as required
by law.
- END -
About Wireless Telecom Group
Wireless Telecom Group, Inc.,
comprised of Boonton, CommAgility, Holzworth, Microlab, and
Noisecom, is a global designer and manufacturer of advanced RF and
microwave components, modules, systems, and instruments. Serving
the wireless, telecommunication, satellite, military, aerospace,
semiconductor, and medical industries, Wireless Telecom Group
products enable innovation across existing and emerging wireless
technologies. With a product portfolio including peak power meters,
signal generators, phase noise analyzers, signal processing
modules, LTE PHY/stack software, power splitters and combiners, GPS
repeaters, public safety components, noise sources, and
programmable noise generators, Wireless Telecom Group supports the
development, testing, and deployment of wireless technologies
around the globe. Wireless Telecom Group, Inc.’s website address is
wirelesstelecomgroup.com.
Investor ContactAndrew M. BergerManaging
DirectorSM Berger& Company(216) 464-6400andrew@smberger.com
ContactMichael Kandell25 Eastmans
RoadParsippany, NJ 07054Tel: (973) 386-9696Fax: (973)
386-9191www.wtcom.com
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From Apr 2023 to Apr 2024