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Wi-fi Telecom Staff Supplies Industry Replace at 2022 Annual Shareholders Assembly

Skilled investment bank engaged to lend a hand evaluate a full range of strategic alternatives

Robust anticipated July contract signatures and bookings follows decrease first part income efficiency

Control believes contemporary wins, robust backlog improve income expansion in the second one part of 2022

Control and the Board focused on creating value for shareholders

Parsippany, New Jersey, USA, July 29, 2022 (GLOBE NEWSWIRE) — Wi-fi Telecom Staff, Inc. (NYSE American: WTT), as of late introduced that control will supply shareholders an replace at the Corporate’s monetary effects, capital allocation priorities, and methods to create price for shareholders at Wi-fi Telecom Staff’s annual shareholder assembly on Friday, July 29, 2022 at 8:00 am ET. The shareholder assembly shall be webcast are living at www.virtualshareholdermeeting.com/WTT2022. Shareholders of file might vote their stocks and publish questions by way of the usage of the 16-digit regulate quantity supplied of their proxy fabrics. Control’s presentation has additionally been uploaded to https://wirelesstelecomgroup.com/Investor-Members of the family/Occasions-Displays .

As a part of Wi-fi Telecom Staff’s strategic replace, the Corporate has engaged an funding banking company to discover a complete vary of strategic possible choices for the Corporate. This procedure is taken with bettering price for stockholders, together with, however no longer restricted to, a transaction that sells the entire corporate, or separate transactions that promote every of the Corporate’s two segments one at a time to understand sum-of-parts valuation. CDX Advisors, an funding financial institution with deep area experience around the era, media, and telecom (TMT) sectors, has been engaged to help within the strategic possible choices procedure.

Tim Whelan, CEO of Wi-fi Telecom Staff, Inc. said, “During the last 5 years, we have now refocused our trade to make the most of rising alternatives underway throughout the Check & Size markets, and personal community markets which come with compelling expansion alternatives in satellite tv for pc communications, 5G investments, semiconductor investments and quantum computing growt. Because of this, we have now reworked our management crew, realigned our trade, and expanded our R&D and gross sales center of attention. These days’s announcement is the development of our long-term strategic expansion plan. Whilst we stay assured within the route we’re headed and our long term alternatives, we have now determined to behavior a strategic evaluation and discover choices to boost up the belief of price for our shareholders.”

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Wi-fi Telecom Staff additionally introduced initial unaudited moment quarter revenues and up to date reserving traits. 2nd quarter revenues are anticipated to be $6.1 million for the quarter ended June 30, 2022, in comparison to $7.8 million for the quarter ended June 30, 2021, and revenues for the six months ended June 30, 2022 are anticipated to be $13.7 million in comparison to $16.0 million for a similar duration ultimate 12 months. First part income declines had been essentially because of decrease {hardware} card shipments, and had been additionally impacted by way of provide chain delays, element shortages, COVID-19 shutdowns in China, and basic financial issues impacting timing of orders being positioned in the second one quarter.

Wi-fi Telecom Staff has gained robust bookings and contract signatures within the month of July of roughly $3.0 million and expects bookings and contract signatures within the 3rd quarter to overall between $8 million and $10 million. Those come with $2.0 million of latest RBS contracts which incorporates a prior to now introduced 5 birthday celebration ADVA contract, a brand new improve contract, and extra {hardware} card orders. The Corporate additionally gained new T&M orders throughout all of its Holzworth, Boonton, and Noisecom answers.

Mr. Whelan persisted, “Whilst our second-quarter revenues had been not up to anticipated, we imagine contemporary bookings and our strengthening backlog helps upper revenues and expansion in the second one part of 2022. Without reference to the end result of our strategic evaluation procedure, we stay absolutely dedicated to proceeding to fulfill the desires of our world RBS and T&M shoppers, attracting and protecting world-class skill, rising gross sales and profitability, and growing price for all of our shareholders.”

No timetable has been set for the Corporate’s procedure. Wi-fi Telecom Staff does no longer be expecting to remark additional or replace the marketplace with any longer knowledge at the procedure except and till its Board of Administrators has licensed a selected transaction or in a different way deems disclosure suitable or vital. There is not any assurance that this strategic possible choices evaluation will lead to Wi-fi Telecom Staff converting its present marketing strategy, pursuing a specific transaction or finishing this sort of transaction.

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Investor Touch
Andrew M. Berger
Managing Director
SM Berger & Corporate
Tel: (216) 464-6400
[email protected] 

Touch
Michael Kandell
25 Eastmans Highway
Parsippany, NJ 07054
Tel: (973) 386-9696
Fax: (973) 386-9191
www.wirelesstelecomgroup.com

Ahead-Taking a look Statements

This press unlock accommodates “forward-looking statements” throughout the which means of Segment 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Trade Act of 1934, as amended. In some circumstances, such forward-looking statements is also known by way of phrases reminiscent of imagine, be expecting, search, might, will, intend, venture, watch for, plan, estimate, steerage or equivalent phrases. Ahead-looking statements come with, amongst others, anticipated bookings and anticipated revenues, anticipated new contracts, anticipated rising alternatives and result of the strategic evaluation procedure. Buyers are cautioned that such forward-looking statements don’t seem to be promises of long term efficiency and contain numerous dangers and uncertainties that would materially have an effect on precise effects, together with, amongst others, the continued affect that the battle in Ukraine and similar sanctions have had and might proceed to have on our trade, provide chain shortages, transportation prices, and our backlog; the affect that the evolving COVID-19 pandemic has had and continues to have on our provide chain, human capital and the overall economic system sooner or later; the possible affect of inflation on our trade and the economic system usually with appreciate to timing of shopper order placements, amongst different issues, our dependency on capital spending on knowledge and conversation networks by way of our shoppers and finish customers; our dependency at the deployment of 4G LTE and 5G NR personal networks and similar services and products to develop our trade; the affect of the lack of any vital shoppers; the facility of our control to effectively enforce our evolving marketing strategy; the affect of aggressive merchandise and pricing; our skills to offer protection to our highbrow belongings rights and our skill to control dangers associated with our knowledge era and cyber safety in addition to different dangers and uncertainties set forth within the Corporate’s Annual File on Shape 10-Ok for the 12 months ended December 31, 2021. Those forward-looking statements talk simplest as of the date of this unlock and the Corporate does no longer adopt any legal responsibility to replace or revise any forward-looking knowledge to mirror adjustments in assumptions, the incidence of unanticipated occasions, or in a different way, as except for as required by way of regulation.

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About Wi-fi Telecom Staff, Inc.

Wi-fi Telecom Staff, Inc., constructed from Boonton, CommAgility, Holzworth, and Noisecom, is a world fashion designer and producer of complicated RF and microwave elements, modules, methods, and tools. Serving the wi-fi, telecommunication, satellite tv for pc, army, aerospace, and semiconductor industries, Wi-fi Telecom Staff merchandise allow innovation throughout present and rising wi-fi applied sciences. With a product portfolio together with height energy meters, sign turbines, section noise analyzers, sign processing modules, LTE PHY/stack device, noise resources, and programmable noise turbines, Wi-fi Telecom Staff helps the improvement, trying out, and deployment of wi-fi applied sciences around the world. Wi-fi Telecom Staff, Inc.’s site cope with is wirelesstelecomgroup.com.


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