Debt Reduction is a Critical Element of the
Business Transition Plan as the Company Continues to
Streamline Operations, Reduce Costs, and Identify Additional
Revenue-Generating Opportunities
TUCSON,
Ariz., Feb. 13, 2023 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS and COMSP) ("COMSovereign" or the
"Company"), a U.S.-based developer of 4G LTE Advanced and 5G
communication systems today provided an update on its debt
reduction efforts. As of December 31,
2022, outstanding secured debt totaled approximately
$2,200,000, representing a reduction
of approximately 80% from levels reported for the year ended
December 31, 2021.
"Central to our business transition efforts is having a
solidified financial foundation, not only by refocusing our
operations and cutting costs, but substantially reducing or
eliminating our senior secured and convertible debt, which can
provide COMSovereign with added fiscal flexibility. We are grateful
for our lender's ongoing support which is enabling us to execute on
our plan and complete our required regulatory filings," said
David Knight, CEO and President of
COMSovereign.
The Company intends to file its 10-Q for the quarter ended
September 30, 2022 on or before
February 24, 2023, bringing the
Company current with all Security Exchange Commission and Nasdaq
financial reporting requirements.
For more information about COMSovereign, please visit
www.COMSovereign.com and connect with us on Facebook and
Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. (Nasdaq: COMS) has assembled a portfolio of communications
technology companies that enhance connectivity across the entire
data transmission spectrum. Through strategic acquisitions and
organic research and development efforts, COMSovereign has become a
U.S.-based communications provider able to provide 4G LTE Advanced
and 5G telecom solutions to network operators and enterprises. For
more information about COMSovereign, please visit
www.COMSovereign.com.
Forward-Looking Statements
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. 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.
Contacts:
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.