COMSovereign Completes the Sale of its Sovereign Plastics Business Unit
COMSovereign Holding Corp. (NASDAQ: COMS) has successfully sold its Sovereign Plastics business unit for $2 million. This strategic divestiture is aimed at focusing resources on its core telecommunications operations, particularly in 5G technology, while simultaneously reducing operating expenses. President John E. Howell expressed confidence that this transaction will enhance the company's ability to capitalize on global opportunities. The company continues pursuing the divestiture of non-core assets, reinforcing its commitment to improving financial health and operational efficiency.
- Completed the sale of Sovereign Plastics for $2 million, enhancing cash flow.
- Focus on 5G and reduction of operating expenses may lead to improved profitability.
- None.
- Company Continues to Pursue the Divestiture of Non-Core Business Units as its Focuses on 5G and Beyond Wireless Telecommunications and Reduces Operating Expenses -
DALLAS, June 21, 2022 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS) ("COMSovereign" or the "Company"), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions today announced that it has completed the sale of its Sovereign Plastics business unit for total consideration of
The sale of Sovereign Plastics is part of a series of strategic actions intended to monetize the Company's non-telecom-related assets and reduce operating expenses.
"We are pleased to have completed the sale of Sovereign Plastics as we continue to execute against our strategic realignment efforts. This transaction, along with others expected to be completed in the near future, significantly reduces our operating expenses, and repositions the business to capitalize on the global opportunities of 5G and beyond technology," said John E. Howell, President of COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS) offers a portfolio of advanced communications technology for connectivity across private and public networks. Through its core strategic acquisitions and internal research and development efforts, COMSovereign has built a U.S.-based communications solution provider to deliver 4G LTE Advanced and 5G-NR telecom solutions to network operators, enterprises, and governments. For more information about COMSovereign, please visit www.COMSovereign.com.
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, the ability of the Company to complete the sale of its business operations and assets, to develop and deliver advanced voice and data communications systems, demand for the Company's products and services, the availability of parts and components for the manufacture of products, 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.
Investor Relations for COMSovereign Holding Corp.:
Steve Gersten, Director of Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE COMSovereign Holding Corp.
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