Bohemia, NY, Feb. 03, 2022 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite, 5G, and other communications networks and a worldwide distributor of packages and lids for integrated circuit assembly, announced today that it has received $2M in new purchase orders during the month of January, a record for the Company. These new sales add to what is already a record backlog for AmpliTech.
Approximately $1.4M of the new orders represents new customer wins as well as follow-on orders for AmpliTech’s industry-leading Low Noise signal Amplifier (LNA) technology. Customers include a Fortune 500 global defense and aerospace company and a leading satellite communications provider. The new purchase orders also include approximately $0.6M in orders from the Company’s Spectrum Semiconductor Materials business acquired in December 2021.
Fawad Maqbool, CEO, commented, “AmpliTech’s strong start to 2022 substantiates the need for the high levels of performance delivered by our industry-leading LNA technology. Our imminent move to a newly expanded HQ facility on Long Island will enable us to fulfill these orders with greater efficiency and expand our product offering.
“As we mentioned in our recent Little Grapevine video discussion, the execution of our growth strategy is progressing on plan. We have hired key business development and operations staff, invested in leading test equipment to support our production and development efforts and completed the launch of our AmpliTech Group MMIC Design Center (AGMDC) in Plano, Texas. We are focused on driving increasing order activity for our current product offerings over the balance of the year and also anticipate initial MMIC chip orders later this year from our AGMDC division”.
About AmpliTech (www.AmpliTechinc.com)
AmpliTech Group, Inc. designs, develops, manufactures and distributes state-of-the-art radio frequency (RF) microwave components for global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets as well as systems and component design consulting services. In December 2021, AmpliTech completed the purchase of the assets and operations of Spectrum Semiconductor Materials Inc. a global specialty distributor of semiconductor components based in San Jose, CA. AmpliTech has a 13+ year track record of developing high performance, custom solutions to meet the unique needs of some of the largest companies in the global industries we serve. We are proud of the unique skills, experience and dedication of our focused team which enables us to deliver superior solutions, faster time to market, competitive pricing and excellent customer satisfaction and repeat business.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: the possibility that the purchase orders as described herein may not be completed in the amounts described herein or at all, the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenues and overall results of operations, the Company's ability to execute its business plan as anticipated; trends affecting the Company's financial condition or results of operations; and the Company's growth strategy and operating strategy. The words "may" "would" "will" "expect" "estimate" "anticipate" "believe" "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Other risks are identified and described in more detail in the “Risk Factors” section of the Company’s filings with the SEC, all of which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising, these forward-looking statements, except as required by applicable law.
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Investor Relations
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Company Contact:
Shan Sawant, Director of Communications
AmpliTech Group, Inc.
shan@amplitech.com
646-546-7128
Investor Contact
David Collins or William Jones
Catalyst IR
ampg@catalyst-ir.com
212-924-9800
