ADDvantage Technologies Completes Acquisition of Fulton Technologies, Inc. and Mill City Communications, Inc., Marking Entry ...
January 10 2019 - 8:30AM
ADDvantage Technologies Group, Inc. (NASDAQ: AEY),
today announced it has completed the acquisition of substantially
all of the assets of Fulton Technologies, Inc. and Mill City
Communications, Inc., (collectively, “Fulton Technologies”) for a
total purchase price of $1.7 million. The assets will form a
wholly-owned subsidiary of ADDvantage Technologies, operating under
the name ‘Fulton Technologies’ and led by Fulton Technologies,
Inc.’s existing management team.
This acquisition launches ADDvantage
Technologies’ new offering, which provides wireless infrastructure
services to the telecommunications market. Fulton Technologies
offers comprehensive wireless infrastructure services to enable it
to rapidly start servicing this market. Fulton has a strong
reputation in the wireless services industry and maintains solid
contractual relationships with the four major U.S. wireless
carriers, the national integrators and the original equipment
manufacturers (“OEMs”) that support these wireless carriers.
The business provides turn-key wireless infrastructure services for
wireless carriers across the Southwest, Midwest and Northern Plains
regions. These services consist of the installation and
upgrade of technology on cell sites and the construction of new
small cells for 5G. They also include engineering, site acquisition
and commissioning and integration services for cell sites.
Joe Hart, Chief Executive Officer, commented,
“Closing the acquisition of Fulton Technologies marks our entry
into the wireless infrastructure services market, an area that is
expected to see meaningful growth as 5G is rolled out throughout
the U.S. over the next several years. Fulton has existing
multi-year service contracts with major U.S. carriers and OEMs to
assist with the planned rollout, which should serve to broaden our
operations in the Telco segment and drive revenue growth at
ADDvantage Technologies. This acquisition further expands the
existing footprint of ADDvantage Technologies that comes from its
Nave Communications and Triton Datacom businesses, which are
primarily East-coast focused, and establishes a major presence
throughout the central region of the U.S., from North to
South.”
ADDvantage Technologies’ other operations in the
telecommunications market consist of its Nave Communications and
Triton Datacom businesses. Nave Communications is a provider of
quality used telecommunication networking equipment, with services
that include the repair, testing, and certification of equipment.
Triton Datacom provides new and refurbished enterprise networking
products, including desktop phones, enterprise switches and
wireless routers to brokers and end-users across the U.S.
About ADDvantage Technologies Group,
Inc.
ADDvantage Technologies Group, Inc. (NASDAQ:
AEY) supplies the cable television (Cable TV) and
telecommunications industries with a comprehensive line of new and
used system-critical network equipment and hardware from a broad
range of leading manufacturers. The equipment and hardware
ADDvantage distributes is used to acquire, distribute, and protect
the communications signals carried on fiber optic, coaxial cable
and wireless distribution systems, including television
programming, high-speed data (Internet) and telephony. Through the
acquisition of Fulton, the Company will provide turn-key wireless
infrastructure services, such as the installation and
decommissioning of equipment on cell sites, for wireless carriers,
national integrators, and equipment manufacturers supporting the
wireless carriers. In addition, ADDvantage operates a
national network of technical repair centers focused primarily on
Cable TV equipment and recycles surplus and obsolete Cable TV and
telecommunications equipment.
ADDvantage operates through its subsidiaries,
Tulsat, Tulsat-Atlanta, Tulsat-Texas, NCS Industries, ComTech
Services, Nave Communications, Triton Datacom, and Fulton
Technologies. For more information, please visit the corporate web
site at www.addvantagetechnologies.com.
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 informationCompany Contact:Scott
Francis (918) 251-9121
KCSA Strategic CommunicationsElizabeth
Barker(212) 896-1203ebarker@kcsa.com
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