Comtech Announces a Contract Renewal Worth $1.6 Million with a Tier-One U.S. Mobile Network Operator

Rhea-AI Summary

On January 12, 2021, Comtech Telecommunications Corp. (NASDAQ: CMTL) announced a one-year renewal agreement worth $1.6 million with a tier-one U.S. mobile network operator for hosted location-based services platforms. This agreement, finalized in the second quarter of fiscal 2021, highlights Comtech's commitment to enhancing industry partnerships and developing innovative location technologies. The Location Technologies group specializes in delivering precise location, mapping, and messaging solutions to various sectors, including public safety and mobile network operations.

Positive

• One-year renewal agreement worth $1.6 million with a major U.S. mobile network operator.
• Strengthening of long-term industry partnerships in location technologies.

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• None.

January 12, 2021-- Comtech Telecommunications Corp. (NASDAQ: CMTL), a world leader in secure and highly reliable location, public safety, navigation, and communication technologies, announced today, that during its second quarter of fiscal 2021, its Location Technologies group, a division of Comtech’s Commercial Solutions segment, has finalized a one-year renewal agreement with a tier-one U.S. mobile network operator for hosted location-based services (“LBS”) platforms. The renewal agreement is worth $1.6 million.

“We continue to create strong, long-lasting industry partnerships by supporting and creating new applications and services with our expertise in location technologies,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of Comtech Telecommunications Corp. “Comtech is dedicated to staying ahead of all changes in these technologies and bringing our customers the very best LBS possible for the long term.”

The Location Technologies group of Comtech Telecommunications Corp. is a leading provider of precise device location, mapping and messaging solutions for public safety, mobile network operators, and enterprise solutions. Sold around the world to mobile network operators, government agencies, and Fortune 100 enterprises, our platforms locate, map, track and message. For more information, visit www.comtechlocation.com.

Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company sells products to a diverse customer base in the global commercial and government communications markets.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005294/en/

FAQ

What was the value of Comtech's recent renewal agreement for location-based services?

The renewal agreement was worth $1.6 million.

When was Comtech's renewal agreement with the U.S. mobile operator finalized?

The renewal agreement was finalized during the second quarter of fiscal 2021.

Which company did Comtech Telecommunications Corp. sign the $1.6 million agreement with?

Comtech signed the agreement with a tier-one U.S. mobile network operator.

What does Comtech's Location Technologies group specialize in?

The group specializes in precise device location, mapping, and messaging solutions.