Comtech Telecommunications Corp. Receives $3.0 Million of Additional Funding to Support State of Maryland Department of Human Services with IT Services

Rhea-AI Summary

Comtech Telecommunications Corp. (CMTL) announced a $3.0 million funding boost for a 12-month extension of its existing contract with the Maryland Department of Human Services. This brings the total funded orders for the contract to $14.1 million. The Mission-Critical Technologies group, part of Comtech's Government Solutions segment, enhances IT support services for the department. CEO Fred Kornberg emphasized the significance of this extension in fostering relationships with state agencies and increasing personnel.

Positive

• Contract extension worth $3.0 million enhances revenue potential.
• Total funded orders for the contract now stand at $14.1 million.
• Strengthens Comtech's relationship with the Maryland Department of Human Services.

Negative

• None.

MELVILLE, N.Y.--(BUSINESS WIRE)--November 9, 2020-- Comtech Telecommunications Corp. (NASDAQ: CMTL) announced today that during its first quarter of fiscal year 2021, its Mission-Critical Technologies group, which is part of Comtech’s Government Solutions segment, has been awarded $3.0 million of additional funding for a 12-month extension on an existing contract to provide the State of Maryland Department of Human Services (“DHS”) with statewide Technical Operations Support Services (“TOSS”). To date, Comtech has received $14.1 million of funded orders against the contract. Comtech and its experienced team members work directly with the personnel of DHS to develop, maintain and support the IT needs of DHS.

“This award once again demonstrates Comtech’s long-lasting relationship with the State of Maryland and reflects the strong commitment of our dedicated IT professionals who provide critical services. This extension increases not only the number of personnel, but also our opportunities with other state agencies,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of Comtech Telecommunications Corp.

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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