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.”
컴텍 소개
는 첨단 통신 솔루션을 위한 혁신적인 제품, 시스템 및 서비스를 설계, 개발, 생산 및 판매합니다. 회사는 글로벌 상업 및 정부 통신 시장의 다양한 고객층에 제품을 판매합니다.
미래예측 진술에 관한 주의 사항
이 보도 자료의 특정 정보에는 본질적으로 미래예측 진술이 포함되어 있으며 특정 중대한 위험과 불확실성을 수반합니다. 실제 결과는 이러한 미래예측 정보와 크게 다를 수 있습니다. 회사의 증권거래위원회 제출 서류에는 이러한 위험과 불확실성이 다수 명시되어 있습니다. 이 보도자료에 포함된 모든 미래예측 정보는 해당 증권거래위원회 제출 서류에 기술된 위험과 불확실성에 의해 전체적으로 검증됩니다.
PCMTL
View source version on businesswire.com: https://www.businesswire.com/news/home/20200917005280/en/
미디어 연락처:
마이클 D. 포셀린, 사장 겸 최고운영책임자
631-962-7000
[email protected] [email protected]
