Communications Systems, Inc. Makes Minority Investment in Quortus
May 29 2020 - 8:00AM
Business Wire
Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the
“Company”), an IoT intelligent edge products and services company,
today announced that in collaboration with cellXion Ltd., a UK
based provider of specialist telecoms solutions, it has made a
minority investment in Quortus, a UK based company that creates
agile and feature-rich private wireless networks for enterprises
across a wide variety of vertical sectors including healthcare,
retail and utilities.
Roger Lacey, CEO of CSI noted, “This strategic partnership with
Quortus and cellXion will provide our mutual clients with a range
of comprehensive solutions designed to help build their mobile edge
capabilities and support a wide array of industrial IoT
initiatives.”
Mr. Lacey continued, “This investment and the recently announced
acquisition of Ecessa reflect our transformational business
strategy and commitment to long-term value creation. We are
endeavouring to build an ecosystem of partnerships that can broaden
CSI’s technical capabilities, scale market share and geographic
reach, and increase our “software-as-a-service” revenue which is
recurring, highly predictable and generates attractive margins. We
will continue to explore similar investment and acquisition
opportunities around the globe and focus on technologies that can
offer cost synergies and complement our existing network of
products and services.”
About Communications Systems
Communications Systems, Inc., an IoT intelligent edge products
and services company, provides connectivity infrastructure and
services for global deployments of broadband networks. Focusing on
innovative, cost-effective solutions, CSI provides customers the
ability to deliver, manage, and optimize their broadband network
services and architecture. From the integration of fiber optics in
any application and environment to efficient home voice and data
deployments to optimization of data and application access, CSI
provides tools for maximum utilization of the network from the edge
to the user. With partners and customers in over 50 countries, CSI
has built a reputation as a reliable global innovator focusing on
quality and customer service. CSI operates three business units:
Transition Networks, Net2Edge and JDL Technologies. For more
information visit: commsysinc.com.
Forward Looking Statement
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future financial
performance, future growth and future acquisitions or partnerships.
These statements are based on Communications Systems’ current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements here due to changes in
economic, business, competitive or regulatory factors, and other
risks and uncertainties affecting the operation of Communications
Systems’ business. These risks, uncertainties and contingencies are
presented in the Company’s Annual Report on Form 10-K and, from
time to time, in the Company’s other filings with the Securities
and Exchange Commission. The information set forth herein should be
read in light of these risks. Further, investors should keep in
mind that the Company’s financial results in any particular period
may not be indicative of future results. Communications Systems is
under no obligation to, and expressly disclaims any obligation to,
update or alter its forward-looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200529005063/en/
Communications Systems, Inc. Mark D. Fandrich Chief
Financial Officer 952-582-6416 mark.fandrich@commsysinc.com
Roger H. D. Lacey Chief Executive Officer 952-996-1674
The Equity Group Inc. Lena Cati Vice President
212-836-9611 lcati@equityny.com
Devin Sullivan Senior Vice President 212-836-9608
dsullivan@equityny.com
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