ADDvantage Technologies Telecom Services Company Awarded $4 Million in Broadband Division Contracts
September 11 2023 - 9:00AM
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage
Technologies” or the “Company”) today announced that wholly owned
subsidiary, Fulton Technologies (“Fulton”) Inc., has secured
numerous new Broadband Division contracts and awards, resulting in
$4 million of new backlog for the current fiscal year.
Since announcing the expansion of Broadband
services provided by Fulton at the end of June, the Company has
experienced tremendous activity and interest in its expanded
offering. The unique, customer-centric approach, technology
platform (FultonFAST), and experience of the management team has
led to these awards. Fulton is also executing contracts with some
of the largest operators, carriers, and fiber electronics
manufacturers in the industry.
“The results the Company has generated over the
past couple of months are impressive, validating Fulton’s expertise
and the growing demand from customers,” commented Brian Davidson,
CRO of ADDvantage Technologies. “The fast-paced nature and urgency
the Broadband group has shown to address customer needs and create
long-term value is, and continues to be, our mission. The team’s
ability to quicky react and aid customers in achieving their build
objectives or reaching a critical milestone is extremely important
and valuable.”
The future of America depends on universal and
reliable connectivity. With the enactment of the federal $1.2
trillion Infrastructure Investment and Jobs Act (IIJA), resources
are becoming available to deploy broadband infrastructure to help
close the digital divide. The IIJA provides the single largest
one-time federal broadband investment in history with over $65
billion in funding. Prior to the IIJA, the Rural Digital Operating
Fund (RDOF) was enacted to disburse up to $20.4 billion in two
phases over 10 years. The combined commitment of these two national
programs will have a positive impact in bringing fixed broadband to
millions of homes and businesses across the country.
“The volume of new contracts that the Broadband
team has won is encouraging,” commented J D Jones, President of
Fulton Technologies. “These new agreements along with an active
pipeline will pave the way for Fulton to grow its fiber and fixed
wireless offering across the country. What’s most exciting is the
positive impact these new networks will provide to rural
communities.”
About ADDvantage Technologies Group,
Inc.
ADDvantage Technologies Group, Inc. (Nasdaq:
AEY) is a communications infrastructure services and equipment
provider operating a diversified group of companies through its
Wireless Infrastructure Services and Telecommunications segments.
Through its Wireless segment, Fulton Technologies provides turn-key
wireless infrastructure services including the installation,
modification and upgrading of equipment on communication towers and
small cell sites for wireless carriers, national integrators, tower
owners and major equipment manufacturers. Through its
Telecommunications segment, Nave Communications and Triton Datacom
sell equipment and hardware used to acquire, distribute, and
protect the communications signals carried on fiber optic, coaxial
cable and wireless distribution systems. The Telecommunications
segment also offers repair services focused on telecommunication
equipment and recycling surplus and related obsolete
telecommunications equipment.
ADDvantage operates through its subsidiaries,
Fulton Technologies, Nave Communications, and Triton Datacom. For
more information, please visit the corporate website at
www.addvantagetechnologies.com.
Cautions Regarding Forward-Looking
Statements
The information in this announcement may include
forward-looking statements. All statements, other than statements
of historical facts, which address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, are forward-looking statements. These
statements are subject to risks and uncertainties, which could
cause actual results and developments to differ materially from
these statements. A complete discussion of these risks and
uncertainties is contained in the Company’s reports and documents
filed from time to time with the Securities and Exchange
Commission.
For further information:Hayden IRBrett Maas(646)
536-7331aey@haydenir.com
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