- Transaction to Expand 5G Networking Solution Portfolio -
DALLAS, Feb. 27, 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 it has signed a Letter of Intent to acquire Virtual Network Communications, Inc. ("VNC"), a developer of fixed and mobile broadband communications solutions for wireless networks operated by commercial, enterprise, government and defense customers.
The parties currently expect the transaction to be completed on or before April 15th subject to the satisfactory completion of due diligence and the negotiation and execution of a definitive acquisition agreement. The Company can provide no assurance that it will complete its due diligence review or that it will be able to successfully negotiate and execute a definitive acquisition agreement.
Dan Hodges, chairman and CEO of COMSovereign Holding Corp., stated, "VNC's capabilities can serve as a cornerstone in our strategic vision to make COMSovereign into one of the only US-based providers of connectivity solutions that span the entire data transmission spectrum. Through a combination of proprietary hardware and software, and a growing list of tier-one commercial and national security customers, this transaction can deliver both near-term synergies and long-term value to our shareholders and customers in 4G and 5G infrastructures, and those already planning for 'nG' and beyond."
Virtual Network Communications produces deployable broadband communications equipment and services designed to support advanced wireless networks providing mission critical communications for Public Safety, Homeland Security, Department of Defense and commercial Private Network users. VNC's products include instant deployable Micro LTE solutions suitable for rapid deployment of Tactical LTE networks, LTE small cell technology, Customer Premises Equipment (CPE) for fixed broadband LTE installations and advanced, low altitude/high altitude airborne LTE communications solutions. See www.virtualnetcom.com.
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (OTCQB: COMS) has assembled a portfolio of communications technology companies with combined capabilities with 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 world-wide. For more information about COMSovereign, please visit www.COMSovereign.com or view documents that it files with or furnishes to the Securities and Exchange Commission 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.
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, those relating to the Company's ability to complete the proposed acquisition of VNC 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 a portion of the purchase price of VNC and 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.
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SOURCE COMSovereign Holding Corp.