HAUPPAUGE, N.Y., Nov. 18, 2024 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a designer, developer, and manufacturer of state-of-the-art signal processing components for satellite, Public and Private 5G, and other communications networks, including the design of complete 5G/6G systems and a global distributor of packages and lids for integrated circuits assembly, today announced receiving an initial Purchase Order, as part of the recently announced signing of a 5 Year Basic Order Agreement (BOA), with a US based Fortune 1000 Company. This initial Purchase Order, for nearly $1M, includes delivery of LNB (Low-Noise Block Downconverters) products and engineering services.
As recently communicated to the public, low-noise block downconverter (LNB) is the receiving device mounted on satellite dishes used for satellite TV and data reception, which collects the radio waves from the dish and converts them to a signal which is sent through a cable to the receiver inside the building.
AmpliTech Inc, the core division of AmpliTech Group, founded in 2002, Amplitech Inc, has proprietary low noise technology used in all of the company’s Low Noise Amplifiers (LNA’s). Taking advantage of the available technology, the company embarked on a mission to release an LNB product line covering X band, Ka band and Ku bands, offering superior low noise capabilities across the product line. This initial Purchase Order, of our 5 Year BOA deal represents nearly 20% of the total average LNA sales from our AmpliTech Inc Division. This initial order will be delivered in its entirety during the first half of our fiscal year 2025.
"We are thrilled to have been selected to supply this LNB product and engineering services to a Fortune 1000 company based in the U.S.," said Fawad Maqbool, CEO of AmpliTech Group. "This initial order is highly significant, as it incorporates our proprietary low noise technology LNAs, which will enhance our gross margins. By using our own in-house LNA products to fulfill these orders, we gain a competitive edge over others who rely on external suppliers, thus reducing costs and minimizing risks." Mr. Maqbool continued, "This accomplishment further underscores the value of our R&D investments in new product lines, fueling both top-line and bottom-line growth. It also marks another month where our company has secured orders exceeding $1M, delivering strong value to our shareholders."
About AmpliTech Group
AmpliTech Group, Inc., comprising five divisions—AmpliTech Inc., Specialty Microwave, Spectrum Semiconductors Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group True G Speed Services—is a leading designer, developer, manufacturer, and distributor of cutting-edge radio frequency (RF) microwave components and 5G network solutions. Serving global markets including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, AmpliTech Group is committed to advancing technology and innovation. For more information, please visit www.amplitechgroup.com.
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, that the receipt of this initial order will lead to further production orders and work for the customer. 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, 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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Company Contact:
Jorge Flores
Tel: 631-521-7831
Investors@amplitechgroup.com
