MELVILLE, N.Y. –
September 17, 2020 — Comtech Telecommunications Corp. (“Comtech”) (NASDAQ: CMTL) reported today that it has reached an agreement with the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) resolving a previously disclosed investigation pending since 2014.
In October 2014, as previously disclosed in Comtech’s filings with the Securities Exchange Commission, Comtech reported to OFAC following a self-assessment of its export transactions that a shipment of modems sent to a Canadian customer by Comtech’s subsidiary, Comtech EF Data Corp., was incorporated into a communication system, the ultimate end user of which was the Sudan Civil Aviation Authority. The sales value of the Comtech equipment was approximately $288,000. At the time of shipment, OFAC regulations prohibited U.S. persons from doing business directly or indirectly with Sudan. Most of the U.S. sanctions related to Sudan were removed in 2017. After Comtech reported the matter to OFAC, it responded to administrative subpoenas and OFAC initiated an investigation into the matter.
Pursuant to the agreement, Comtech will make a payment to OFAC of $894,111 and implement additional internal compliance commitments, a number of which were already in process. Additionally, the Company has committed to creating a new position of Chief Trade Compliance Officer.
Commenting on the agreement with OFAC, Fred Kornberg, Comtech’s Chairman of the Board and Chief Executive Officer, stated: “I am pleased that we have been able to resolve this matter with OFAC which will result in the strengthening of Comtech’s compliance program. For Comtech, trade compliance has been, and will continue to be, a top priority.”
コムテックについて
コムテック・テレコミュニケーションズ株式会社は、高度な通信ソリューションのための革新的な製品、システムおよびサービスの設計、開発、生産、販売を行っています。当社は、世界の商業および政府通信市場の多様な顧客基盤に製品を販売しています。
将来の見通しに関する記述についての注意事項
このプレスリリースに記載されている情報の中には、将来の見通しに関する記述が含まれており、特定の重大なリスクと不確実性を伴います。実際の結果は、かかる将来予想に関する情報とは大きく異なる可能性があります。当社の証券取引委員会提出書類には、このようなリスクや不確実性が多数記載されています。本プレスリリースに記載された将来予想に関する情報は、当該証券取引委員会提出書類に記載されたリスクおよび不確実性により、その全体が修飾されます。
ピーシーエムエル
View source version on businesswire.com: https://www.businesswire.com/news/home/20200917005280/en/
メディア連絡先
Michael D. Porcelain, President and Chief Operating Officer
631-962-7000
[email protected]
