Orbsat Corp Appoints Charles M. Fernandez as Chief Executive Officer and Chairman; David Phipps to Serve as President and CEO of Global Operations

Rhea-AI Summary

Orbsat Corp (Nasdaq:OSAT) appointed Charles M. Fernandez as its new Chief Executive Officer and Chairman on June 7, 2021. Fernandez, with over 30 years of experience in business, finance, and technology, previously founded eApeiron Solutions, acquired by Smartrac. He invested $3 million in Orbsat's recent public offering, part of a $14.4 million capital raise. Alongside him, David Phipps transitions to President and CEO of Global Operations. The expanded Board of Directors also includes new members to support Orbsat's growth focused on satellite-based connectivity.

Positive

• Charles M. Fernandez brings 30+ years of experience and a strong network in technology and e-commerce.
• The appointment and recent capital raise of $14.4 million are expected to drive global growth in satellite connectivity.

Negative

• Concerns regarding continuity and leadership transition as David Phipps shifts roles.
• Potential experience gaps with the new leadership structure.

Mr. Fernandez Brings Over 30 Years of Leadership Experience in Business, Finance, Technology and E-Commerce to Newly Expanded Board of Directors

AVENTURA, FL / ACCESSWIRE / June 7, 2021 / Orbsat Corp (Nasdaq:OSAT) ("Orbsat" or the "Company"), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, today announced that Charles M. Fernandez has been appointed as Chief Executive Officer and Chairman of the Company. David Phipps, former Chief Executive Officer, will assume the role of President and serve in the new capacity as CEO of Global Operations.

Charles M. Fernandez has over 30 years' experience in identifying profitable start-up and dislocation opportunities, building significant value, and executing both private and public exit strategies.

Mr. Fernandez is currently Managing Partner of eApeiron Partners, LLC, and was the founder and largest shareholder of eApeiron Solutions, LLC, a brand protection and e-commerce company with corporate clients ranging from luxury businesses to large-scale consumer product companies. eApeiron Solutions, LLC was acquired by Smartrac, a leading developer, manufacturer, and supplier of RFID and Internet of Things ("IoT") solutions, a unit of Avery Dennison Corporation (NYSE: AVY). Mr. Fernandez was a strategic investor in Orbsat's recently completed public offering, personally investing $3 million of the $14.4 million raised.

Charles Fernandez, CEO and Chairman of Orbsat, commented, "I believe that Orbsat is ideally positioned to capitalize on the growing global importance of satellite-based connectivity which is now reshaping how individuals, enterprises and governments around the world connect to everything that is important. Drawing upon my 30+ years' experience and extensive network in related markets such as e-commerce and IoT, I am confident in the many large opportunities that lay ahead of us, and I am looking forward to leading our team during this exciting period in our history."

David Phipps, President and CEO of Global Operations at Orbsat, said, "Charles is an accomplished business leader and investor who brings with him valuable IoT and e-commerce expertise, making him an ideal addition to lead Orbsat as its CEO and Chairman. Under the governance of an expanded Board of Directors and supported by $14.4 million in new growth capital, we are now advancing our business into its next phase, focused on global growth and expansion driven by dramatic demand for satellite-connected communications and IoT."

In connection with Mr. Fernandez's appointment as CEO and Chairman, the Company granted Mr. Fernandez a restricted stock award with a grant date fair value equal to $3,000,000 determined at the per unit offering price of its recent public offering. The restricted stock award will vest 1/3 at each of the three anniversaries of the grant date. The restricted stock award was granted outside the Company's 2020 Equity Incentive Plan.

In connection with the recently completed public offering and listing on Nasdaq, the Company expanded its Board of Directors to include Ms. Kendall W. Carpenter, CPA, CGMA, CMA, who will serve as Chair the Audit Committee; Mr. Lou Cusimano who will serve as Chair of the Compensation Committee; and Lieutenant General (Retired) John E. Miller, all of whom join Hector J. Delgado who currently serves on the Board.

About Orbsat Corp

Orbsat provides services and solutions to fulfill the rapidly growing global demand for satellite-based voice, high-speed data, tracking and IoT connectivity services. Building upon its long-term experience providing government, commercial, military and individual consumers with Mobile Satellite Services, Orbsat is positioned to capitalize on the significant opportunities being created by global investments in new and upgraded satellite networks. Orbsat's US and European based subsidiaries, Orbital Satcom and Global Telesat Communications, have provided global satellite connectivity solutions to more than 50,000 customers located in over 165 countries across the world.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional storefronts in various geographic locations, its ability to grow and expand as intended, the Company's expectations of worldwide growth, and public infrastructure spending, ability to raise additional capital to finance the Company's operations, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, the Company's ability to capitalize on its partnerships as well as other similar arrangements, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

Media and Investor Contact for Orbsat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net

SOURCE: Orbsat Corp

View source version on accesswire.com:
https://www.accesswire.com/650680/Orbsat-Corp-Appoints-Charles-M-Fernandez-as-Chief-Executive-Officer-and-Chairman-David-Phipps-to-Serve-as-President-and-CEO-of-Global-Operations

FAQ

What is the significance of Charles M. Fernandez's appointment as CEO of Orbsat Corp?

Charles M. Fernandez's appointment signifies a strategic shift towards leveraging his extensive experience and network in technology and e-commerce to enhance Orbsat Corp's growth in satellite connectivity.

How will the management changes impact Orbsat Corp's strategy?

The management changes are expected to provide fresh perspectives and drive the company’s strategy to capitalize on the growing demand for satellite-based communication solutions.

What are the financial implications of the recent public offering for Orbsat Corp?

The recent public offering raised $14.4 million, which is anticipated to support Orbsat Corp's expansion and operations in the satellite communication market.

Who are the newly appointed members of Orbsat Corp's Board of Directors?

The new Board members include Kendall W. Carpenter, Lou Cusimano, and Lieutenant General (Ret.) John E. Miller, who will support the company’s governance and strategic direction.