Bohemia, NY, Nov. 14, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amplitech Group, Inc., (OTCQB-AMPG) Announces Release of 3rd Quarter 10Q for 2018--The company reiterated its goal of putting a strong emphasis on operational improvement this year as opposed to 2017. The procedures put in place will continue to improve productivity, resulting in higher revenue, profitability and sustainable positive cash flow. "We continue to invest in talent, technologies and unique skill sets that we believe will drive growth this year and well beyond," stated CFO Louisa Sanfratello. For the 3rd quarter of 2018, Amplitech had several non-recurring expenses that impacted the bottom line but will contribute to more growth in 2019. The Company significantly invested in new product development and as a result, we have purchased new test and assembly equipment to support more growth and productivity. In addition, Amplitech has upgraded its entire IT system, both hardware and software to current technology, which will also lead to increased productivity and revenues. Our backlog has grown substantially with new contracts resulting from new products and marketing efforts.
CEO Fawad Maqbool stated, "We are confident that the financial results of the strategic investment into new technology and marketing will be evident in the next quarter and into the first quarter of 2019." The Company has increased revenues all this year and still maintains a backlog of approximately $2 million which shows a healthy book to bill ratio. Mr. Maqbool further added, "Several large opportunities have opened up for AMPG because of the failure of competitors that have been swallowed up by larger companies, leaving a void that only AMPG can fill with its superior performance, technology, and agility. This will also lead to an increase in our bookings later this year and into next year. "
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 15+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented to us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click hereto view AmpliTech video. Website: http://www.AmpliTechinc.com
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.