Comtech Urges Stockholders to Vote Today on the BLUE Proxy Card for All of Comtech’s Nominees

MELVILLE, N.Y. –
December 13, 2021– Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, today issued the below letter to shareholders reiterating its recommendation to vote the BLUE proxy card FOR Comtech’s highly qualified director nominees, Judy Chambers and Larry Waldman.

The full text of the letter follows:

오늘 동봉된 파란색 위임장을 컴텍의 유능한 이사들에게 투표하여 투자 가치를 보호하십시오.

친애하는 주주 여러분:

We are rapidly approaching the December 17 Annual Meeting and your vote is extremely important to Comtech’s future.

Our Board and management team, including our director nominees, Judy Chambers and Larry Waldman, are executing a highly successful, targeted strategy that is delivering results for shareholders. Our current Board has the right mix of skills, experience, diversity, and viewpoints to deliver on its strategy to create even greater shareholder value going forward.

In contrast, Outerbridge Capital Management has nominated two director candidates who lack the skills and experience necessary to create shareholder value and provide sound corporate governance. Indeed, only one of their candidates has relevant industry experience; however, he would threaten a number of our customer relationships – and our commercial success – given his position on the board of one of their competitors.

We urge you to vote the BLUE proxy card today for Comtech’s highly qualified director nominees and ignore any White proxy card you may receive from Outerbridge, considering the following:

Comtech has taken and continues to take transformative actions to enhance its leadership position in attractive growth markets and accelerate growth and profitability:

• Executed a thoughtful M&A strategy to reorient Comtech’s portfolio around two high-growth end markets – satellite communications and 911 public safety – that are at the beginning of a sustained investment and renewal cycle expected to persist for years.

• Drove significant new business wins across segments, including $200 million in multi-year next-generation 911 contracts and a new, large multi-year satellite technology contract with strong potential to generate hundreds of millions of dollars in incremental revenue over the next several years.

• Delivered five-year total shareholder returns of 126.7%, outperforming the S&P 600, which returned 99.7%, the NASDAQ Telecommunications Index, which returned 87.5%, and the appropriate peer set, who returned 36.7%.¹

• Secured a $100 million investment from current stockholder White Hat Capital Partners, LP and Magnetar Capital LLC, more than doubling Comtech’s accessible capital given limitations under existing credit facilities. The proceeds of this investment will fund Comtech’s next phase of growth, including additional capital investments to service recent contract wins across our next-generation 911 and satellite communications markets as well as attractive M&A opportunities.

• Completed a multiyear succession process with the announcement of new CEO Mike Porcelain, empowering the right leader with the operational and executional expertise necessary to drive Comtech’s next phase of growth forward. Armed with new oversight and new capital, Comtech is poised to capitalize on a generational tech-renewal cycle in its core satellite communications and next-generation 911 markets.

Comtech has refreshed its Board, and its nominees bring the right skills and experience to continue creating shareholder value:

• The Board accelerated a deliberate director refreshment process first initiated in 2015 that resulted in the appointment of four qualified new directors, the planned retirement of three longstanding directors, completion of a multi-year succession planning process, and Board declassification as part of the Company’s commitment to strong governance.

• Judy Chambers was appointed to our Board in August 2021 following a multi-month evaluation process, adding extensive experience interfacing with regulatory authorities as it relates to major infrastructure projects, addressing the interests and concerns of institutional investors, and providing fresh perspectives and leadership for ESG initiatives.

• Larry Waldman’s 35-plus years of experience in accounting, auditing, and internal controls provide our Board critical expertise in complex global accounting. He has been instrumental in transforming Comtech into an industry leader in NextGen 911 and satellite ground station technologies and continues to be critical to the Company’s long-term success. Since Mr. Waldman joined the Board in 2015, Comtech’s annual revenues have grown from $307 million to $582 million.

Outerbridge does not understand our business and its candidates are unqualified to oversee Comtech’s strategic plan:

• Outerbridge has no value creation plan beyond writing public letters riddled with inaccuracies and misleading, unsubstantiated claims, seemingly to divert attention from significant flaws in its candidates.

• Sidney Fuchs’ role as Chairman of Eutelsat America Corp., a major competitor to several of our largest customers, presents a material and irreducible conflict of interest. On this topic, the only relevant opinions are those of Comtech’s key customers, a number of whom have already reached out to us to express grave concerns about their continued relationship with Comtech should Fuchs join our Board. This perception is not addressable through an Organizational Conflict of Interest (“OCI”) mitigation plan as Outerbridge has suggested. And assurances from Eutelsat’s General Counsel do nothing to assuage the concerns of Comtech’s customers. We reiterate, Mr. Fuchs’ election would significantly damage key customer relationships and negatively affect prospective business opportunities.

• Wendi Carpenter does not bring any relevant experience to Comtech’s business – whether industry, technical, financial, accounting, M&A, or for-profit operational – and has no prior background in our core markets. She sits on the Board of only one company, SkyWater Technology, whose share price fell 36% following disappointing third quarter earnings and whose principal accounting officer resigned without explanation.

In contrast, Comtech has a clear plan to create even more value for shareholders, including:

• Capitalizing on multi-year investment cycles across end markets: Executing on our $1.2 billion plus of revenue visibility as well as our new contract for customized next-generation satellite technology;

• Investing for growth: Committing more than $30 million in capital investments to complete the build-out of two new, state-of-the-art production facilities and deploying our recent $100 million strategic investment towards additional growth opportunities, including acquisitions;

• Increasing companywide collaboration: Leveraging our satellite relationships to further expand international penetration of our public safety trusted location product and to exploit additional emerging opportunities such as cyber training for state and local 911 agencies;

• Expanding our talent pool: Making strategic hires in key areas, such as bringing onboard a new Chief Operating Officer to further increase operating efficiency and Head of Investor Relations to enhance our communications with the investment community;

• Modernizing corporate branding: Consolidating multiple websites to maximize “Comtech” name brand awareness, refreshing our investor relations website, and expanding our social media presence; and

• Optimizing segment reporting structure: Finalizing our Board’s assessment of our segment reporting to highlight the value of our unique portfolio and revisiting non-GAAP reporting metrics.

오늘 동봉된 파란색 위임장을 사용하여 컴텍의 유능한 이사 후보인 주디 챔버스와 래리 월드먼에게 투표하여 이사회를 지지해 주시기 바랍니다. 아웃브릿지에서 받은 흰색 위임장을 반송하거나 다른 방법으로 투표하지 마십시오.

여러분의 성원에 감사드립니다,

이사회

Comtech Telecommunications Corp.

컴텍 소개

는 전 세계 상업 및 정부 고객에게 차세대 911 응급 시스템과 보안 무선 통신 기술을 제공하는 선도적인 글로벌 기업입니다. 뉴욕주 멜빌에 본사를 두고 있으며 고객 성공을 위한 열정으로 첨단 보안 무선 솔루션을 설계, 생산 및 판매합니다. 자세한 정보는 www.comtechtel.com 에서 확인하세요.

미래 예측 진술

이 서한에 포함된 특정 정보에는 당사의 사업 궤적, 미래 수익 및 판매, 인수 전략, 경영 및 지배구조 변화, 성장 등 본질적으로 미래예측진술이며 특정 중대한 위험과 불확실성을 수반하는 진술이 포함되어 있습니다. 실제 결과는 이러한 미래예측 정보와 크게 다를 수 있습니다. 이러한 미래예측진술에 영향을 미칠 수 있는 위험과 불확실성은 다음과 같습니다: 최근 인수로 인해 예상되는 시너지 효과와 혜택이 완전히 실현되지 않거나 예상 기간 내에 실현되지 않을 가능성; 인수한 사업체가 당사와 성공적으로 통합되지 않을 위험; 최근 인수로 인해 비즈니스 및 운영 관계를 유지하거나 핵심 인력을 유지하기가 더 어려워질 수 있는 혼란 가능성; 회사가 정부 솔루션 부문에서 대형 상품 서비스 계약 입찰에서 벗어나 마진이 높은 틈새 제품 계약을 추구하는 방향으로의 전술적 전환을 실행하는 데 실패할 위험; 순매출 및 운영 실적에 상당한 변동을 일으킬 수 있는 신규 또는 기존 주문의 성격과 수령 시기 및 회사의 실적; 정부 계약의 시기 및 자금 조달; 장기 계약의 총 이익 조정, 해외 판매와 관련된 위험, 급격한 기술 변화, 진화하는 산업 표준, 신제품 발표 및 개선, 고객 요구 및 조달 전략의 변화, 일반적인 경제 및 정치 상황의 변화, 글로벌 시장에서의 유가 변화, 외화 환율의 변화; 회사의 법적 소송, 고객의 배상 청구 및 기타 유사한 문제와 관련된 위험, 신용 시설에 따른 회사의 의무와 관련된 위험, 회사의 대규모 계약과 관련된 위험, 코로나19 팬데믹 및 관련 공급망 중단과 관련된 위험, 기타 이 문서 및 회사가 증권거래위원회에 제출한 기타 서류에 기술된 기타 요인. 당사는 이러한 미래예측진술을 업데이트할 의무가 없으며, 실제 결과나 기대치의 변화에 따라 업데이트할 의도가 없습니다.

추가 정보 및 위치

Comtech has filed with the Securities and Exchange Commission (“SEC”) and mailed to the Company’s stockholders a definitive proxy statement, an accompanying BLUE proxy card and other relevant documents in connection with the Company’s Fiscal 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”). THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE ACCOMPANYING BLUE PROXY CARD AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE COMPANY’S 2021 ANNUAL MEETING OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY’S 2021 ANNUAL MEETING AND THE PARTIES RELATED THERETO. The Company’s stockholders may obtain a free copy of documents filed with the SEC at the SEC’s website at https://www.sec.gov or the Company’s website at www.ComtechCreates.com.

모집 참여자

회사, 이사 및 일부 임원은 2021년 연례 회의에서 고려할 사항과 관련하여 주주로부터 위임장 권유에 "참여자"로 간주될 수 있으며, 기타 회사의 경영진 및 직원도 "참여자"로 간주될 수 있습니다. 미국 증권거래위원회(SEC) 규정에 따라 2021년 연례 주주총회와 관련하여 회사 주주 위임장 권유 참여자로 간주되는 자의 회사에 대한 주식 보유 또는 기타 직간접적 이해관계에 관한 정보는 2021년 연례 주주총회와 관련하여 제출된 회사의 최종 위임장 설명서 및 SEC에 제출된 기타 관련 문서에 명시되어 있습니다. 또한 회사의 임원 및 이사에 대한 정보는 2021년 7월 31일에 마감된 회계연도에 대한 10-K 양식의 회사 연례 보고서, 회사 및 해당 인물이 SEC에 제출한 기타 서류에서 확인할 수 있습니다.

PCMTL

<sup>__________________________

1</sup> Source: Bloomberg market data as of October 29, 2021. Peers selected are global communications solutions and services providers with both commercial and government customers; limited to entities with market capitalization under $10 billion. Selected peers consist of Elbit, Gilat, KVH Industries, ST Engineering, and Viasat. Total stockholder returns assume dividends are reinvested at the risk free rate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211212005106/en/

미디어 연락처

켁스트 씨엔씨

[email protected]

(212) 521-4800

투자자 연락처

컴텍 투자자 관계

[email protected]

(631) 962-7005