DALLAS, Feb. 1, 2021 /PRNewswire/ -- COMSovereign Holding
Corp. (NASDAQ: COMS) ("COMSovereign" or the "Company"), a
U.S.-based developer of 4G LTE Advanced and 5G Communication
Systems and Solutions, announced today that it completed the
acquisition of Skyline Technology Partners, LLC d/b/a Fastback
Networks ("Fastback"). The transaction includes all operations,
radio designs, customers, and intellectual property of
Fastback.
Terms of the transaction include total consideration of
approximately $14 million consisting
of cash, debentures, and convertible debentures.
In addition to an installed base of tier one mobile network
operator customers in North
America, the acquisition is highlighted by a valuable
intellectual property ("IP") portfolio of sixty-five granted and
six pending patents. These active patents cover many of the key
systems and methods vital to 5G wireless networking including
Signal Processing, Adaptive Antennas, Beam Forming/Steering,
Self-Optimizing Networks, Spectrum Sharing and Hybrid Band
Operations.
"We are pleased to have completed the Fastback transaction,
expanding our installed base of tier one customers and bringing
with it, broad and early patent coverage of many critical 5G
enabling technologies," said Dr. Dustin
McIntire, CTO of COMSovereign Holding Corp. "We intend to
quickly integrate Fastback into our operations so we can capitalize
on growing customer interest in 4G LTE Advanced, 5G, and IAB small
cells with integrated access and backhaul utilizing this unique
IP."
Since its founding in 2010, Fastback has been a leader
in the development and commercialization of its intelligent
backhaul radio ("IBR") systems that deliver high-performance
wireless connectivity to virtually any location including those
challenged by Non-Line of Sight (NLOS) limitations. Fastback's
advanced IBR products allow operators to economically add capacity
and density to their macrocells and expand service coverage density
with small cells. These solutions also allow operators to both
provide temporary cellular and data service utilizing
mobile/portable radio systems and provide wireless Ethernet
connectivity.
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. 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-NR telecom solutions to network operators and enterprises.
For more information about COMSovereign, please
visit www.COMSovereign.com.
About Fastback Networks
Fastback Networks delivers
innovative technology for the mobile infrastructure of the future.
Fastback solutions enable network operators to expand and enhance
services, and private networks to secure, monitor, and manage
operations via high-capacity data connectivity. With insights
derived from the team's experience building leading-edge radio and
data networking solutions, Fastback Networks looks at the
challenges of 4G/5GLTE deployment with fresh eyes and better ideas,
and develops transformational mobile backhaul solutions that enable
the acceleration of the mobile future. Fastback Networks is a
privately held company that was initially funded by nationally
recognized technology investment funds before it was acquired
during 2017 by Skyline Technology Partners, LLC, and the company's
key employees.
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. Moreover,
forward-looking statements in this release include, but are not
limited to, the impact of the current COVID-19 pandemic, which may
limit access to the Company's facilities, customers, management,
support staff, and professional advisors, and to develop and
deliver advanced voice and data communications systems, demand for
the Company's products and services, economic conditions in the
U.S. and worldwide, and the Company's ability to recruit and retain
management, technical, and sales personnel. 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
Dave Gentry
RedChip Companies, Inc.
407-491-4498
dave@redchip.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.