Transaction Advances the Company's Refocusing
Efforts on its 4G LTE and 5G Wireless Connectivity Solutions
DALLAS, Dec. 22,
2022 /PRNewswire/ -- COMSovereign Holding Corp.
(NASDAQ: COMS) and (NASDAQ: COMSP) ("COMSovereign" or the
"Company"), a U.S.-based developer of 4G LTE Advanced and 5G
communication systems and solutions, today announced an agreement
to sell its Israel-based, Sky
Sapience ("SKS") tethered drone unit to Titan Innovations ("Titan")
for total cash consideration of $1.8
million.
Titan Innovations, based in Israel, is a developer of specialized, fully
integrated unmanned systems and solutions designed for civilian and
military applications. Titan provides its customers with
comprehensive systems engineering and integration services
including software and control expertise in the field of robotics,
autonomy, navigation, and communication with hardware sourced from
leading global manufacturers. Under terms of the transaction, Titan
will acquire Sky Sapience which includes all business assets and
intellectual property.
"We are pleased to have reached an agreement for the sale of SKS
as we continue to refocus the business around our core wireless
connectivity technologies and solutions. In addition to refining
our focus on wireless connectivity, this transaction aligns with
the goals of our transition plan by reducing the complexity of the
Company, decreasing our go-forward operating expenses, and improves
our balance sheet," said David
Knight, CEO and President of COMSovereign Holding Corp.
Yahav Regev, CEO of Titan
Innovations added, "Sky Sapience's proprietary fiber optic tether
technology makes it an ideal platform for military, borders, and
civilian applications, The company will expand the variety of
companies and the capabilities of the group in the international
market. Combined with our deep expertise in advanced hardware and
software technologies inside our ecosystem, we believe that the SKS
platform will enable us to remain at the forefront of autonomous
systems development for our customers, enabling them to meet their
unique mission 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.
About Titan
Innovations
Titan Innovations Ltd. promotes the development of solutions
that will advance the world of autonomous technology. Titan
Innovations invests and nurtures startups, providing them a
holistic framework which accelerates their growth. This includes
access to in-house engineering as well as business development
services, and a global infrastructure to validate their technology
and generate sales. Titan's incubator hub known as "The Caveret",
is located in Bnei Brak,
Israel. It consists of engineering
companies which provide valuable services to Tier-1 contractors and
lend support to our portfolio companies. The Caveret was designed
to be an ecosystem which produces complete end-to-end autonomous
solutions.
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.