QualTek Provides Business Update

Rhea-AI Summary

QualTek, LLC announced a business update regarding its preliminary first half 2021 results and guidance for 2021-2022. The update follows the acquisition of Broken Arrow Communications Inc. QualTek, a provider of infrastructure services in the North American 5G wireless and renewable energy sectors, operates over 80 centers and employs more than 5,000 people. Additionally, Roth CH Acquisition III Co. (ROCR) plans to file a proxy statement in connection with the proposed business combination. Investors are urged to review these documents for crucial details.

Positive

• Acquisition of Broken Arrow Communications Inc. expands service capabilities.
• Guidance for CY 2021 and CY 2022 indicates potential growth.

Negative

• Pending approval of the business combination introduces uncertainty.
• Potential legal proceedings may affect the completion of the business combination.
• Risks from the COVID-19 pandemic could negatively impact operations.

BLUE BELL, Pa., Aug. 11, 2021 /PRNewswire/ -- QualTek, LLC (the "company" or "QualTek"), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, and renewable energy sectors, has provided a business update to discuss preliminary first half 2021 results, updated CY 2021 and CY 2022 guidance, and its recently completed acquisition of Broken Arrow Communications Inc.  To access the audio recording, please visit https://rocr.rothch.com/.

About QualTek: Founded in 2012, QualTek is a world-class, technology driven provider of infrastructure services to the 5G wireless, telecom, and renewable energy sectors across North America. QualTek has a national footprint with more than 80 operation centers across the U.S. and Canada and a workforce of over 5,000 people. The company is also a leader in providing disaster recovery logistics services for electric utilities.

Additional Information and Where to Find It

In connection with the proposed business combination between QualTek and Roth CH Acquisition III Co. (NASDAQ: ROCR), a Delaware corporation ("ROCR"), ROCR will file a proxy statement with the Securities and Exchange Commission's ("SEC") (as amended or supplemented from time to time, the "proxy statement") to be distributed to holders of ROCR's common stock in connection with ROCR's solicitation of proxies for the vote by ROCR's stockholders with respect to the proposed business combination and other matters as described in the proxy statement. ROCR urges investors, stockholders, and other interested persons to read, when available, the proxy statement as well as other documents filed with the SEC because these documents will contain important information about ROCR, QualTek and the proposed business combination. A definitive proxy statement will be mailed to stockholders of ROCR as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain a copy of the definitive proxy statement, without charge by directing a request to: Roth CH Acquisition III Co., 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660. The preliminary and definitive proxy statement, once available, can also be obtained, without charge, at the SEC's website (www.sec.gov).

Participants in the Solicitation

ROCR, QualTek, their affiliates and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the proposals under the rules of the SEC. Information about the directors and executive officers of ROCR and their ownership is set forth in ROCR's filings with the SEC, including its prospectus relating to its initial public offering, which was filed with the SEC on March 4, 2021. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of ROCR in connection with the proposals will be set forth in the proxy statement when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Non-Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination between QualTek and ROCR and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of ROCR or QualTek, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a definitive prospectus meeting the requirements of the Securities Act.

Forward-Looking Statements

This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the parties' ability to close the proposed business combination, the anticipated benefits of the proposed business combination, and the financial condition, results of operations, earnings outlook and prospects of ROCR and/or QualTek, and may include statements for the period following the consummation of the proposed business combination. Forward-looking statements are typically identified by words   such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of ROCR and QualTek, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that  may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by ROCR and the following:

• expectations regarding QualTek's strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and QualTek's ability to invest in growth initiatives and pursue acquisition opportunities;
• the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement dated as of June 16, 2021, among ROCR, QualTek and the other parties thereto (the "Business Combination Agreement");
• the outcome of any legal proceedings that may be instituted against ROCR or QualTek following announcement of the Business Combination Agreement and the transactions contemplated therein;
• the inability to complete the proposed Business Combination due to, among other things, the failure to obtain ROCR stockholder approval or ROCR's inability to obtain the financing necessary to consummate the Business Combination;
• the risk that the announcement and consummation of the proposed Business Combination disrupts QualTek's current operations and future plans;
• the ability to recognize the anticipated benefits of the proposed Business Combination;
• unexpected costs related to the proposed Business Combination;
• the amount of any redemptions by existing holders of ROCR's common stock being greater than expected;
• limited liquidity and trading of ROCR's securities;
• geopolitical risk and changes in applicable laws or regulations;
• the possibility that ROCR and/or QualTek may be adversely affected by other economic, business, and/or competitive factors;
• operational risk;
• risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; and
• the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of ROCR and QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond ROCR's and QualTek's control. While all projections are necessarily speculative, ROCR and QualTek believe that the preparation of prospective financial information involves increasingly higher levels  of  uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that ROCR and QualTek, or their representatives, considered or consider the projections to be a reliable prediction of future events.

Annualized, pro forma, projected and estimated numbers, including as to value, are used for illustrative purpose only, are not forecasts and may not reflect actual results.

All subsequent written and oral forward-looking statements concerning the proposed Business Combination or other matters addressed in this communication and attributable to ROCR, QualTek or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, ROCR and QualTek undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.

Media Contact:
Gianna Lucchesi
PR@qualtekservices.com 
(484) 804-4585

 

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SOURCE QualTek LLC

FAQ

What is the recent business update from ROCR?

ROCR announced QualTek's preliminary first half 2021 results and updated guidance for 2021-2022 along with the acquisition of Broken Arrow Communications Inc.

What does the acquisition of Broken Arrow Communications mean for QualTek?

The acquisition enhances QualTek's service capabilities in the infrastructure sector, adding value to its operations.

What are the risks associated with the business combination of QualTek and ROCR?

Risks include uncertainty over stockholder approval and potential legal proceedings affecting the merger's completion.

How does the COVID-19 pandemic impact ROCR?

The pandemic poses operational risks and could adversely affect the financial performance of both ROCR and QualTek.

Where can I access more information about the proposed business combination?

Investors can find more details through the SEC's filings and the proxy statement once available.