DALLAS and TUCSON, Ariz., Aug. 20, 2020 /PRNewswire/ -- COMSovereign Holding Corp. (OTCQB: COMS) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE and 5G connectivity and infrastructures, announced today that it has signed an agreement to acquire a 140,000 sq. ft. building on 12.7 acres for its U.S.-based manufacturing in Tucson, Arizona.
Closing on the new manufacturing facility is expected in late September at which time the Company will begin the required improvements, retrofits, assembly lines and tooling to commence immediate limited manufacturing operations. The Company anticipates utilizing the new facility to produce the majority of its wireless radio products, as well as serve as the primary manufacturing site for its power supply and drone business units. Full-scale production at the facility is expected to commence by the end of the first quarter of 2021.
Additionally, the Company applied for, and received, a job training grant from the Arizona Commerce Authority valued at $590,519 for the hiring and training of more than 300 new employees which it intends to eventually employ at its new manufacturing facility.
"With the signing of this purchase agreement, COMSovereign continues to fulfill its 'made in the USA' promise with a new central manufacturing hub for products from across our portfolio including from our wireless radio subsidiaries as well as power supplies from InduraPower and tethered lighter-than-air and rotor platforms from Drone Aviation," stated Dan Hodges, Chairman and CEO of COMSovereign Holding Corp. "We look forward to commencing full-scale operations in Tucson and drawing upon the deep talent in the local community that will play an important part in helping COMSovereign bring technology leadership in telecommunications back to the United States."
About COMSovereign Holding Corp. COMSovereign Holding Corp. (OTCQB: COMS) has assembled a portfolio of communications technology companies with combined capabilities and the objective of enabling connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign is seeking to become the premier U.S.-based communications developer able to provide LTE Advanced and 5G-NR telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com or view the reports that it files with or furnishes to the Securities and Exchange Commission (the "SEC") at www.sec.gov, including the Risk Factors included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as well as information in its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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. The Company's forward-looking statements could be affected by many factors, including, but not limited to, the Company's ability to meet 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.
Investor Relations for COMSovereign Holding Corp.: Steve Gersten 813-334-9745 [email protected]