Wireless Telecom Group (NYSE American: WTT) (the “Company”),
announced today that the sale of Microlab to RF industries, Ltd.
has closed, effective March 1, 2022.
Tim Whelan, CEO of Wireless Telecom Group, Inc.
stated, “We are pleased to close the transformative sale of
Microlab. As a well-capitalized and streamlined business, we have a
strong competitive position to pursue large, fast-growing global
market opportunities. Wireless Telecom Group is now comprised of
our higher-growth, higher-margin Test & Measurement (“T&M”)
and Radio, Baseband, and Software (“RBS”) product groups which we
previously announced we intend to operate as two segments from this
date forward. In addition, the Company has repaid its outstanding
Term Loan Facility with Muzinich BDC, and has greater cash
liquidity and a strengthened balance sheet following the
close.”
Mr. Whelan continued, “In 2021, revenues for our
T&M and RBS product groups increased over the prior year by 10%
and 150%, respectively. In addition, T&M and RBS combined
operating results for the year ending 2021 delivered $31.5 million
of revenue, $33.1 million of bookings and ended the year with $9.2
million of backlog. These represent 30.8% revenue growth, 12.7%
bookings growth, and 30.4% backlog growth compared to 2020.”
Scott Gibson, Vice Chairman of Wireless Telecom
Group stated, “We believe our more focused business, streamlined
with a strong balance sheet, enables an expansion of existing and
new customers in our growth markets. I am encouraged by the
direction Wireless Telecom Group is headed, and the enhanced
opportunities the Company’s evolving products and services have to
create value for our shareholders.”
Our financial statements for the three and
twelve months ended December 31, 2021, are not yet available.
Accordingly, the information presented above reflects our
preliminary estimates subject to the completion of our financial
closing procedures. As a result, these preliminary estimates may
differ from the actual results that will be reflected in our
financial statements when they are completed and publicly
disclosed. These preliminary estimates may change and those changes
may be material.
Our expectations with respect to our preliminary
estimates for the three and twelve months ended December 31, 2021,
are based upon management estimates and are the responsibility of
management. Our independent registered public accounting firm has
not audited, reviewed or performed any procedures with respect to
these preliminary results and, accordingly, does not express an
opinion or any other form of assurance about them.
These estimates should not be viewed as a
substitute for our full interim or annual financial statements
prepared in accordance with GAAP. Accordingly, you should not place
undue reliance on these preliminary financial results. These
estimated preliminary results should be read in conjunction with
the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of our
historical consolidated financial statements, including the notes
thereto, in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 19, 2021 and in other
reports that we filed with the Securities Exchange Commission.
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 ongoing conflict in Ukraine and the evolving
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, 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, and
semiconductor 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, 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& CompanyTel: (216)
464-6400andrew@smberger.com
ContactMichael Kandell25 Eastmans
RoadParsippany, NJ 07054Tel: (973) 386-9696Fax: (973)
386-9191www.wirelesstelecomgroup.com
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Wireless Telecom (AMEX:WTT)
Historical Stock Chart
From Mar 2023 to Mar 2024