- Acquisition Brings Critical AI-Powered Smart City Technology and Existing Customer Pipeline Including Multi-Year Contracts Valued at Over $21 Million -
DALLAS, March 31, 2021 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS) ("COMSovereign" or "Company"), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced that it has executed an agreement to acquire RVision, Inc. ("RVision"), a developer of technologically advanced, environmentally hardened video and communications products and physical security solutions designed for government and private sector commercial industries.
Terms of the transaction include total consideration of approximately $5.58 million consisting exclusively of shares of restricted common stock. The transaction is expected to close within approximately 15 days subject to traditional closing conditions.
- RVision has been serving the needs of governments and the military for nearly two decades with sophisticated, environmentally rugged optical and infrared cameras, hardened processors, custom tactical video hardware, software solutions, and related communications technologies.
- RVision also brings Nano-Defractive Optics with integrated, Ai-driven electro-optical sensors and communication network connectivity making it the ideal backbone for smart city/smart campus applications.
- RVision currently serves government and military customers in the U.S. and around the globe through multi-year contracts.
Smart Cities and Smart Campuses (educational and industrial) are urban areas designed to integrate advanced technologies including IoT ("Internet of Things"), AI ("Artificial Intelligence"), machine learning, Big Data, and sustainable or "green" energy systems to benefit and secure the daily lives of its residents. Around the world today, these technologies are being deployed to efficiently improve public services and safety through enhancements to everything from mass transportation and waste management to the real-time monitoring of environmental conditions including air and water quality. Critical to smart city initiatives is the ability to create and deploy energy-efficient, fully integrated, network-connected solutions such as smart cameras and sensor systems.
"RVision, under the leadership of its founder, Brian Kelly, has built a global network of premier customers across government and public sectors including the U.S. and foreign allied militaries, thanks to their focus on technical innovation in the areas of electro-optical sensors which can immediately benefit our aerial platform business. Furthermore, its unique products, combined with our advanced access and backhaul radio technologies, can play a vital role in bringing the vision of 5G-enabled Smart Cities and Campuses to reality," said Dr. Dustin McIntire, CTO of COMSovereign.
RVision CEO Brian Kelly will remain in the leadership role at the company while also assuming the elected role of Executive Vice President of Business Development for COMSovereign. Mr. Kelly stated, "I am excited to become a part of COMSovereign, a company that has built an extremely robust product and technology portfolio and is led by a visionary team of professionals who all share a passion and vision for the future of communications."
Dr. McIntire concluded, "Over his successful career of twenty-four years, Brian Kelly has been a visionary himself and a noted subject matter expert in the surveillance and physical security sector. He has led his team to meet sophisticated, physical security requirements for governmental and commercial customers while developing innovative imaging systems to solve some of the most challenging issues faced by the US Departments of Defense and Homeland Security, and foreign allied country Ministries of Defense."
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 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 RVision, Inc.
RVision develops and manufactures technologically advanced, environmentally hardened video products and physical security solutions for government and private sectors. Products incorporate both infrared and daylight optical dual sensors, scene awareness detection algorithms, and an all-weather, multiple-sensor surveillance platform with the ability to pan/tilt/zoom in all directions. RVision markets and integrates waterside, land-based, and mobile mounted security systems that meet the security requirements of facilities such as military bases, military and commercial ports, drilling rigs, power and petrochemical plants, airports, and water treatment facilities.
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.
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
Media Relations for COMSovereign Holding Corp.:
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SOURCE COMSovereign Holding Corp.