TORRANCE, Calif. & MELVILLE, N.Y. — Nov. 7, 2023 — Stellant Systems, Inc. (Stellant) and Comtech (NASDAQ: CMTL), both global technology leaders, announced today that the companies have closed, effective November 7, 2023, on the previously announced sale of Comtech’s Power Systems Technology (PST) product line. Stellant is a portfolio company of Arlington Capital Partners, a Washington D.C.-area private equity firm with extensive experience investing in regulated industries.
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Net cash proceeds received at closing by Comtech approximated $32.5 million and were used in part by Comtech to pay down outstanding debt on its existing Credit Facility. In connection with the consummation of the closing of the transaction, Comtech entered into a Third Amended and Restated Credit Agreement with its existing lenders and a Second Amended and Restated Certificate of Designations with its existing Series A convertible preferred shareholders, who both consented to the transaction. Comtech will provide financial and other information concerning the impact of the PST transaction during its next regularly scheduled quarterly earnings conference call to review the results of its fiscal quarter ended October 31, 2023, the exact date and time of which will be announced in advance.
About Stellant Systems, Inc.
Stellant Systems is a premier manufacturer of critical spectrum and RF power amplification systems to the space, defense, medical, science and industrial markets for both domestic and international customers. Stellant has three domestic manufacturing facilities and nearly 1,000 employees. For more information, visit www.Stellantsystems.com.
컴텍 소개
는 전 세계 상업 및 정부 고객에게 지상파 및 무선 네트워크 솔루션, 차세대 9-1-1 응급 서비스, 위성 및 우주 통신 기술, 클라우드 네이티브 기능을 제공하는 선도적인 글로벌 기술 회사입니다. 혁신과 직원 역량 강화의 고유한 문화는 고객 성공을 위한 끊임없는 열정을 불러일으킵니다. 미국 전역과 전 세계 기술 회랑에 위치한 여러 시설을 갖춘 Comtech는 글로벌 입지, 기술 리더십, 수십 년의 경험을 활용하여 세계에서 가장 혁신적인 통신 솔루션을 개발합니다. 자세한 내용은 www.comtech.com 에서 확인할 수 있습니다.
About Arlington Capital Partners
Arlington Capital Partners is a Washington, DC-based private equity firm that has managed approximately $7 billion in capital commitments. Arlington is focused on middle market investment opportunities in growth industries including government services and technology, aerospace & defense, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field. For more information, visit Arlington Capital’s website at arlingtoncap.com and follow Arlington on LinkedIn.
미래 예측 진술
Certain information in this press release contains forward-looking statements. Forward-looking statements can be identified by words such as: “will,” “intend,” “expect,” and similar references to future periods. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the transaction and the anticipated benefits thereof. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Stellant and Comtech, that could cause actual results to differ materially from those expressed in such forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: anticipated tax treatment, unforeseen liabilities, the possibility that any of the anticipated benefits of the transaction will not be realized or will not be realized within the expected time period, and other factors as described in Comtech’s filings with the Securities and Exchange Commission, including those under the heading “Risk Factors” in Comtech’s most recent Annual Report on Form 10-K. Stellant and Comtech do not intend to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.
PCMTL
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For Stellant Systems
Media:
Suzanne Lamb
Stellant Systems, Inc.
+1 (858) 336-0013
For Comtech:
Investor Relations:
Robert Samuels
Comtech Telecommunications Corp.
+1 (631) 962-7102
[email protected]
Media:
Jamie Clegg
Comtech Telecommunications Corp.
+1 (480) 532-2523
