- New Contract Features Rapid Development of Custom Molds and High-Volume Production of Face Shields for Front-Line Healthcare Workers and First Responders -
DALLAS, March 31, 2020 /PRNewswire/ -- COMSovereign Holding Corp. (OTCQB: COMS) ("COMSovereign" or the "Company"), a U.S.-based pure-play enabler of 5G connectivity and data transmission systems, today announced that its newly-acquired domestic plastic and metal components manufacturing operation, Sovereign Plastics, has received a new customer contract. This order is for the rapid production of Personal Protective Equipment (PPE) from a supplier supporting Coronavirus Disease (COVID-19) healthcare and first responder urgent needs.
This order includes the rapid custom development of tooling and 24x7 high-volume production of face shields. Fabrication of the molds is underway, and full-scale production is expected to begin within two weeks. The Company anticipates net margin on the production to exceed $500,000 per month in the initial surge of production.
Dan Hodges, Chairman and CEO of COMSovereign Holding Corp., stated, "The spread of COVID-19 has dramatically reduced access to critical medical equipment and PPE supplies, including this type of face shield, potentially jeopardizing the health and safety of front-line healthcare and first responders. We are honored to commit our available production capacity to the rapid manufacture of face shields for distribution by our customer to its end users in the fight against COVID-19, and we are proud to help lower the curve here in the United States."
Sovereign Plastics is based in Colorado Springs, Colorado, and occupies a 23,000-square-foot manufacturing facility that houses a full-production machine shop, a comprehensive line of state-of-the-art plastic injection molding machinery, as well as light-assembly fulfillment and packaging lines serving customers 24x7. Utilizing advanced systems designed for speed and cost efficiency, Sovereign Plastics has the ability to reduce molding times from the typical three months to one week, and to reduce product delivery from months to days as compared to production overseas in Asia. The operation employs over 30 highly experienced technicians.
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 a U.S.-based pure-play communications provider able to provide LTE Advanced and 5G-NR telecom solutions to network operators and enterprises worldwide. 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, 2018, 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, statements related to the Company's anticipated net margins on the production of face shields and those relating to the Company's ability to reduce component molding and product delivery times 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 raise funds for working capital, 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:
Investor Relations for COMSovereign Holding Corp.:
Steve Gersten
813-334-9745
investors@comsovereign.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.
