Orbital Energy Group Subsidiary, Gibson Technical Services, Awarded Additional Telecom Project By Charter Communications In Virginia
Orbital Energy Group, Inc. (NASDAQ: OEG) announced its subsidiary Gibson Technical Services (GTS) has secured a project from Charter Communications (NASDAQ:CHTR) to build 1,910 miles of rural broadband in Virginia. This new initiative follows a prior contract for 8,600 miles in Louisiana, Alabama, and North Carolina. The project, part of the Virginia Telecommunication Initiative, is set to commence immediately and is expected to enhance rural broadband accessibility, fostering community development and economic growth through improved digital infrastructure.
- Awarded project for 1,910 miles of broadband network construction in Virginia, indicating operational expansion.
- Previous successful contract for 8,600 miles of broadband construction enhances credibility and capabilities.
- Project aligns with government initiatives aimed at improving rural broadband access.
- None.
HOUSTON, Sept. 20, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG) ("OEG") today announced that its subsidiary, Gibson Technical Services ("GTS"), has been awarded a new project (the "Project") from Charter Communications, Inc. (NASDAQ:CHTR) ("Charter") to construct 1,910 miles of rural broadband network in Virginia.
The new Virginia project follows the Company's earlier award from Charter for approximately 8,600-miles of "full-service construction" across Louisiana, Alabama, and North Carolina. The Project is scheduled to begin immediately and extend over the next several years.
The Project is part of the Virginia Telecommunication Initiative (VATI), a similar program to the Federal Government's Rural Digital Opportunity Fund ("RDOF") for rural fiber buildouts. According to its website, the Commonwealth of Virginia recognizes, "[t]he digital divide – the lack of universal broadband coverage – is not only a technology issue; it is essential infrastructure for modern community and economic development…[it] promotes sustainability and growth of communities by providing access to health care….provides increased educational opportunities…and encourages an entrepreneurial economy where new and existing home-based and small businesses are able to compete globally…..Broadband is a necessity in the twenty-first century economy."
Charter is a leading broadband connectivity company and cable operator serving more than 31 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
Mike McCracken, GTS's chief executive officer, commented, "This new award from Charter demonstrates their continuing confidence in our expertise and abilities. It also illustrates GTS's capacity to support the buildout of RDOF type programs and related projects, which we expect to continue into 2022 and beyond. GTS remains committed to helping Charter and other customers improve their broadband delivery infrastructure. Our proven track record on projects such as this recent award has enabled us to expand our current customer base and build on our long-standing relationships with iconic clients such as Charter Communications."
OEG Vice-Chairman & CEO, Jim O'Neil, added, "Our latest project award highlights the success of OEG's ongoing strategy to provide industry leading engineering and design solutions to the telecom industry that are valued by our customers. It also confirms our confidence in the substantial growth opportunity presented by our acquisition of GTS. We appreciate Charter's continued confidence in OEG and GTS and look forward to executing on this newest project for them as we build out this top-notch communications network."
About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.
Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities, and midstream markets.
Orbital Solar Services provides engineering, procurement, and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.
Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare.
Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems.
As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors, and global community.
For more information please visit: www.orbitalenergygroup.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information regarding these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.
OEG Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com
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