- Quarterly Revenue from Continuing Operations
Increases by Approximately 16% and Total Operating Expenses Reduced
by Over 70% Versus Year-Ago Quarter as Business Refocusing and Cost
Cutting Activities Accelerate -
TUCSON,
Ariz., Feb. 27, 2023 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the
"Company"), a U.S.-based developer of 4G LTE Advanced and 5G
communication systems announced the filing of its quarterly report
on Form 10-Q for the period ended September
30, 2022. The filing of the Company's most recently
quarterly report brings it into compliance with Security and
Exchange ("SEC") and Nasdaq Capital Markets financial reporting
requirements.
"The filing of our third quarter 2022 financial
report is a milestone as it restores COMSovereign's status as a
'current filer' under SEC and Nasdaq listing requirements. We are
especially pleased to have produced revenue growth while
dramatically reducing G&A and overall operating expenses as we
executed against our streamlining and refocusing initiatives,"
stated David Knight, CEO and
President of COMSovereign. "As we stand here today, we have
achieved many of the critical objectives of our business transition
plan, specifically, regaining compliance with our filing
requirements, cutting operating expenses and significantly reducing
our outstanding debt. These actions create a stronger foundation,
supporting our team as we continue to focus on driving long-term
value for our DragonWave, Fastback, Saguna, and Drone Aviation
customers, our global network of partners, and our
shareholders."
The Company is addressing its non-compliance with
Nasdaq's $1.00 minimum bid rule by
effectuating a shareholder-approved reverse split of its common
shares prior to market trading on February
10, 2023.
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 telecom solutions
to network operators and enterprises. For more information about
COMSovereign, please visit www.COMSovereign.com.
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. 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
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.