- Corporate Streamlining Efforts Dramatically
Reduced General and Administrative Expenses as Company Continues
Support for Wireless Connectivity and Aerial Platform Customers
-
TUCSON,
Ariz., Jan. 10, 2024 /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 and solutions, announced the filing of its
delayed and outstanding quarterly reports on Form 10-Q for the
quarters ended March 31, June 30, and September 30,
2023, regaining its current filer status.
"The positive impact of our comprehensive streamlining efforts
can be clearly seen by dramatic reductions in general and
administrative expenses throughout 2023, as we focused the business
to better support our wireless connectivity and aerial platform
businesses. This simplified and more efficient organizational
structure has enabled us to improve our reporting processes as a
single entity as evidenced by the rapid completion of our
outstanding 10-Qs for the first, second and third quarters of 2023.
Collectively, these filings support the Company's return to current
filer status and continue our efforts to move the business
forward," said David Knight, CEO and
President of COMSovereign.
The Company filed its Annual Report on Form 10K for the year
ended December 31, 2022 on
December 7, 2023 following the
extensive individual appraisals of goodwill and intangibles across
its portfolio of 16 operating units. Throughout late 2022 and the
first nine months of 2023, under its ongoing business transition
plan, the Company has successfully simplified its organizational
structure and reduced costs through a series of transactions
including the sale and disposition of certain business assets.
"Our priorities over the near-term are clear as we continue to
address Nasdaq and SEC requirements while meeting the needs of our
customers and partners. The tangible results of our transformation
plan have already contributed to building a foundation which can
support a return to growth and the progress we expect to make
throughout 2024," added Mr. Knight.
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.