DALLAS, July 16, 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, today announced that it has acquired RF Engineering & Energy Resource ("RFEQ"), a specialist in the design, outsourced manufacturing and distribution of ultra-high performance microwave antennas and other branded solutions for the wireless and wireline industries in the United States and Latin America.
Terms of the transaction include total consideration of approximately $2.2 million worth of shares of restricted common stock and $550,000 in cash.
- For over 20 years, RFEQ has been a leading provider of high-quality microwave antennas and accessories. Providing the industry's lowest cost of ownership, RFEQ has continued to innovate and expand recently announcing the industry's first Universal Licensed Microwave Antenna. Supporting frequencies from (6-42 GHz), customers can now reduce sparing costs and safely future proof their networks by leveraging this new Universal plug and play architecture.
- RFEQ has been serving the needs of global customers with expertise in advanced connectivity solutions including antennas, cellular boosters / modems / routers, and IP-TV Solutions. RFEQ's go-to-market strategy has been to work with strategic North American Distributors that provide a diverse focus on both geographical location and vertical concentration. RFEQ currently serves tier-1 telecom customers in the United States and throughout Latin America including operators in Mexico such as Telcel, AT&T Mexico and Claro.
"RFEQ has established itself as one of the world's leading specialists in high performance antenna design and has been an important partner and distributor of Licensed Microwave Antennas Systems for nearly two decades. This accretive acquisition brings many immediate benefits to COMSovereign including enhancing our in-house wireless product development capabilities, adding exceptionally talented and experienced engineers to our team, and contributing a fully developed sales and distribution channel serving tier-one customers," said Dan Hodges, Chairman and CEO of COMSovereign Holding Corp. "We are looking forward to having Thomas Mansfield and the entire RFEQ team join the COMSovereign family."
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-NR telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com.
About RF Engineering & Energy Resource
RF Engineering & Energy Resource provides product design, manufacturing outsourcing and distribution of various branded solutions for the wireless and wireline industries. Offering a diverse product array ranging from Ultra-High Performance Microwave Antennas (2.4 GHz to 80GHz), to (900Mhz-5.95GHz) Sector / Panel / Omni / Yagi; RF Engineering & Energy Resources supports the key manufacturers of today and through our universal interface, we can support your investment in the tomorrow.
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.
Steve Gersten, Director of Investor Relations
COMSovereign Holding Corp.
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