Volume Production of Fastback Radios Resumes Enabling Initial Fulfillment Against Over $8.7 Million in Open Orders
DALLAS, Aug. 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 following increased production capacity at its U.S.-based contract manufacturing partner, it is resuming volume shipments of its Fastback Networks radio products under its multi-year Master Vendor Agreement (MVA) with a Tier 1 U.S. Mobile Network Operator.
Fastback has begun fulfillment of open orders valued at more than $8.7 million under the multi-year MVA after resolving initial delays caused by global component shortages, post-production testing capacity, as well as the lingering impact of COVID-19 on operations and supply chains. With its current component inventory and production capacity, COMSovereign believes that it will fulfill these initial orders throughout the third and fourth quarters of 2021. Based upon rapidly increasing production capacity, and the availability of necessary components, the Company expects the ability to meet Fastback radio order volumes of approximately $40 million from customers over the next 8 to 10 months.
"Enabled by production capacity increases and our decision to make significant capital investments into inventory of critical components made following our capital raise earlier this year, we are now able to resume volume production of our Fastback Intelligent Backhaul Radios. Demand for Fastback radios has been accelerating as operators urgently seek to improve the performance and reliability of their networks, and we are now able to fulfil our commitments to customers including crucial Tier 1 U.S. relationships," said Chris Thelander, Managing Director of Global Telecom at COMSovereign. "With increasing production volumes, we are ready to begin to execute the next phase of our strategy, moving beyond hardware-only sales toward high-value managed network services for public and private network operators looking to capitalize on the tremendous resource that unlicensed spectrum bands represent."
Since its founding in 2010, Fastback has been a leader in the development and commercialization of innovative radio technologies that deliver high-performance wireless connectivity to virtually any location, including those challenged by Non-Line of Sight (NLOS) limitations. Fastback advanced radio products allow operators to economically add capacity and density to their network, and to quickly respond to outages caused by anything from simple fiber cuts to wide-spread natural disasters. Fastback is a leader in connectivity for large events like the Super Bowl and festival concerts, allowing operators to deploy temporary infrastructure that delivers world-class services in a matter of hours. Fastback technology is built on a significant, growing U.S. patent portfolio consisting of more than 80 granted and pending patents with significant coverage in 5G. Collectively, the portfolio covers key technologies including antenna arrays, signal processing, adaptive antennas, beamforming/steering, self-optimizing networks, spectrum sharing and hybrid band operations.
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. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire network. By combining strategic acquisitions with organic research and development efforts, COMSovereign has built a U.S.-based communications solution provider able to deliver end-to-end 4G LTE Advanced and 5G-NR telecom solutions to network operators, enterprises, and governments. For more information about COMSovereign, please visit www.COMSovereign.com.
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, the availability of parts and components for the manufacture of products, 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
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
COMS@mzgroup.us
www.mzgroup.us
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.
