ADDvantage Technologies’ Service Subsidiary Executes Agreements with Leading Optical Communications OEMs

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ADDvantage Technologies announces new multi-year agreements for broadband services

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• ADDvantage Technologies' subsidiary, Fulton Technologies, has signed new multi-year agreements with major optical communications OEMs in the US. This authorizes Fulton to provide fiber design, engineering, and construction services nationwide. The agreements aim to improve legacy deployment methods through training, education, and technology advancements.

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CARROLLTON, Texas, Oct. 13, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has executed new multi-year agreements with some of the largest optical communications OEMs in the United States. Under the new agreements, the Broadband division of Fulton Technologies is now authorized to provide fiber design, engineering, and construction services throughout the United States.

Since announcing the expansion of Broadband services provided by Fulton at the end of June, the Company continues to work aggressively in serving the needs of carriers to expand broadband services to both unserved and underserved populations. These new agreements will provide opportunities to improve upon legacy deployment methods via additional training, education, and technology improvements.

“Working directly with broadband service providers is vital to understanding design considerations, technology decisions, and deployment timelines,” commented Brian Davidson, Chief Revenue Officer of ADDvantage Technologies. “Our collective push as a business to also align with manufacturers in this space provides additional value to our customers. We see numerous benefits in promoting a healthy relationship between all the parties involved in the deployment supply chain.”

Carl Morin, VP Broadband Deployment from Fulton Technologies stated, “Our strategic approach to working with some of the largest manufacturers in the fiber deployment space will provide long-term recurring value. Improving field metrics and response times are always front and center, but our approach to working collaboratively with all parties involved in the supply chain will ensure high customer success. We are very focused on ‘customer satisfaction’ ratings and these new agreements will support our efforts.”

The future of America depends on universal and reliable connectivity. With the enactment of the federal $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), resources are becoming available to deploy broadband infrastructure to help close the digital divide. The IIJA provides the single largest one-time federal broadband investment in history with over $65 billion in funding. Prior to the IIJA, the Rural Digital Operating Fund (RDOF) was enacted to disburse up to $20.4 billion in two phases over 10 years. The combined commitment of these two national programs will have a positive impact in bringing fixed broadband to millions of homes and businesses across the country.

About ADDvantage Technologies Group, Inc.

ADDvantage Technologies Group, Inc. (Nasdaq: AEY) is a communications infrastructure services and equipment provider operating a diversified group of companies through its Wireless Infrastructure Services and Telecommunications segments. Through its Wireless segment, Fulton Technologies provides turn-key wireless infrastructure services including the installation, modification and upgrading of equipment on communication towers and small cell sites for wireless carriers, national integrators, tower owners and major equipment manufacturers. Through its Telecommunications segment, Nave Communications and Triton Datacom sell equipment and hardware used to acquire, distribute, and protect the communications signals carried on fiber optic, coaxial cable and wireless distribution systems. The Telecommunications segment also offers repair services focused on telecommunication equipment and recycling surplus and related obsolete telecommunications equipment.

ADDvantage operates through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom. For more information, please visit the corporate website at www.addvantagetechnologies.com.

Cautions Regarding Forward-Looking Statements

The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company’s reports and documents filed from time to time with the Securities and Exchange Commission.

For further information:
Hayden IR
Brett Maas
(646) 536-7331
aey@haydenir.com

FAQ

What agreements did Fulton Technologies sign?

Fulton Technologies signed new multi-year agreements with major optical communications OEMs in the US.

What services will Fulton Technologies provide under the new agreements?

Under the new agreements, Fulton Technologies is authorized to provide fiber design, engineering, and construction services throughout the United States.

What are the goals of the new agreements?

The new agreements aim to improve legacy deployment methods through additional training, education, and technology improvements.

What is the significance of the Infrastructure Investment and Jobs Act (IIJA) for broadband deployment?

The IIJA provides the single largest one-time federal broadband investment in history with over $65 billion in funding, which will help bring fixed broadband to millions of homes and businesses across the country.

What is the Rural Digital Operating Fund (RDOF)?

The RDOF was enacted to disburse up to $20.4 billion in two phases over 10 years to support broadband deployment in rural areas.