Orbital Energy Group Subsidiary, IMMCO, Inc., Announces Two Million Home Fiber-to-the-Premise Design Milestone and Significant Office Expansion

Rhea-AI Summary

Orbital Energy Group (NASDAQ: OEG) announced its subsidiary, IMMCO, has designed over two million homes for Fiber-to-the-Premise (FTTP) networks. The company, established in 1992, has expanded operations globally including Australia, the US, and Europe. To accommodate growth, IMMCO has expanded its office in India to provide more than 200 workstations. This expansion reflects GTS's acquisition strategy and aims to enhance shareholder value. The milestone highlights IMMCO's increasing demand and capacity in the telecom sector.

Positive

• Designing over two million FTTP homes indicates strong market demand.
• Office expansion in India increases operational capacity for IMMCO.
• GTS's acquisition of IMMCO aligns with Orbital's strategy to enhance shareholder value.

Negative

• None.

HOUSTON, Jan. 31, 2022 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG) ("Orbital"), today announced that IMMCO, Inc. ("IMMCO"), a wholly-owned subsidiary of Gibson Technical Services ("GTS"), has completed more than two million homes designed for FTTP (Fiber-to-the-Premise) networks.

IMMCO is an international, full-service telecom engineering and network design company providing diversified engineering services and customized software solutions to a global customer base since 1992.  

"More than a half-decade ago, IMMCO was on the forefront designing advanced, high-capacity, and resilient FTTP networks around the planet," explained IMMCO CEO Keith Hayes. "Starting in Australia, expanding to the US and Puerto Rico, followed by NW Europe, and now central Europe, with a soon-to-launch project in Canada, IMMCO's team of experts has responded to customer demand and has performed FTTP designs across several platforms.  Our production team has doubled over the past two years to more than 600 in response to the volume requested by our customers."

To support its rapidly-growing team of network experts, IMMCO recently dedicated an office expansion of approximately 9,500 square feet in the Cochin Special Economic Zone in Kochi (Cochin), India.

"Our state-of-the-art facility in India, with initial capacity to support more than 200 workstations and expansion room for an additional 50 stations, almost doubles our production space," said Mike McCracken, Chief  Executive Officer of GTS. "The new facility includes advanced wireless and wired networking, more than 200 well-equipped computer workstations, robust and expansion-capable servers and firewalls, UPS and DC-string battery backup to ensure business continuity, and space and equipment for training our employees."

"This milestone of two million fiber-to-premise designs, coupled with our increased, modernized facilities in India demonstrates the value of GTS's acquisition of IMMCO," stated Jim O'Neil, CEO of Orbital Energy Group.  "These successes also demonstrate our strategy of acquiring platform entities like GTS, who, in turn, develop successful, synergistic companies within the platform – all ensuring increased shareholder value for OEG."

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.

Investor Relations:

Three Part Advisors 
John Beisler or Steven Hooser 
817-310-8776
investors@orbitalenergygroup.com      

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SOURCE Orbital Energy Group, Inc.

FAQ

What milestone did Orbital Energy Group's subsidiary IMMCO achieve?

IMMCO has completed designs for over two million homes for Fiber-to-the-Premise networks.

When was the announcement made regarding IMMCO's FTTP designs?

The announcement was made on January 31, 2022.

What is the significance of the office expansion in India for IMMCO?

The expansion allows IMMCO to support more than 200 workstations, nearly doubling its production space.

How does the acquisition of IMMCO benefit Orbital Energy Group shareholders?

The acquisition is part of Orbital's strategy to develop successful companies that enhance shareholder value.

In which countries has IMMCO expanded its FTTP designs?

IMMCO has expanded its FTTP designs in Australia, the US, Puerto Rico, NW Europe, and central Europe.