Comtech Telecommunications Corp. Awarded $2.6 Million Additional Funding from U.S. Army

Rhea-AI Summary

Comtech Telecommunications Corp. (CMTL) announced additional funding of $2.6 million on a previously awarded $223.4 million contract to supply Very Small Aperture Terminals (VSATs) to the U.S. Army. The contract funding now totals $217.6 million. Fred Kornberg, CEO, emphasized Comtech's role in providing reliable communication systems to the armed forces. The company focuses on advanced communication solutions for both commercial and government sectors, demonstrating its commitment to ensuring effective mission execution.

Positive

• Additional $2.6 million funding on a $223.4 million contract with the U.S. Army.
• Total funding of the contract now stands at $217.6 million.
• Strengthened position as a trusted provider in the defense sector.

Negative

• None.

MELVILLE, N.Y.--(BUSINESS WIRE)--October 15, 2020 -- Comtech Telecommunications Corp. (NASDAQ: CMTL) announced today that during its first quarter of fiscal 2021, its Mission-Critical Technologies group, which is part of Comtech’s Government Solutions segment, was awarded $2.6 million of additional funding on a previously announced $223.4 million contract to provide Very Small Aperture Terminals (“VSATs”) to support the U.S. Army. The contract has been funded $217.6 million to date.

“Comtech has established itself as a trusted provider to the armed forces by delivering reliable, secure communication systems across the globe,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of Comtech Telecommunications Corp. “The additional funding further illustrates Comtech’s essential role to the warfighter.”

The Mission-Critical Technologies group is focused on ensuring its customers are able to successfully carry out their mission, whether that be communicating in an austere environment on land or at sea, launching or tracking a satellite, or protecting the cyber security posture of their network.

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.

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