HAUPPAUGE, N.Y, Aug. 30, 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 surpassing bookings in excess of $1M as result of increased quoting activity experienced since the start of Q3 2024.
AmpliTech Group its very pleased to see the level of bookings achieved this month across its divisions, with our Spectrum Semiconductor Materials Division booking a single order in excess of $600K, from a new domestic customer this month and our Specialty Microwave Division booking an order from Paramount in excess of $200K. As recently announced, the company expects its AGTGSS to start announcing within the next few weeks, initial wins in regards their Private 5G product line.
“We are thrilled to see our bookings this month are in excess of $1M which coupled with a sale nearing $700K by our Spectrum Semiconductor Materials Division last week, these represent nice inventory turns while also being nice additions to our cash position,” said Mr. Maqbool, CEO/CTO of AmpliTech Group. “We will continue to maximize our sales efforts across our divisions while also adding more products to our online store in order to increase sales of our diverse product line” Mr. Maqbool added. “While our testing continues for our Public 5G flagship product, we have a fully licensed, ready to go, full suite of Private 5G products that we are actively marketing and already near securing initial wins for our Private 5G business segments, which we expect to start announcing within the next few weeks,” concluded Mr. Maqbool.
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 this initial purchase order will lead to further hardware-only purchases and to further penetrate Public and Private 5G markets. 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.
Contact:
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Company Contact:
Jorge Flores
Tel: 631-521-7831
Investors@amplitechgroup.com
