AmpliTech Group’s AmpliTech Inc Division Signs 5 Year BOA (Basic Order Agreement) With Fortune 1000 US Company For LNB Products

HAUPPAUAGE, N.Y., Nov. 14, 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 the signing of a 5 Year Basic Order Agreement (BOA), to provide a US-based Fortune 1000 Company with LNB (Low-Noise Block Downconverters) products and engineering services. An order for the initial batch of products and services is expected to be received shortly, with full delivery scheduled for early Fiscal Year 2025. The BOA has an automatic 3-year renewal extension, which is conducive to continued growth for the company. The company anticipates that sales of its newly launched LNB product line will, on an annual basis, match the total sales of its LNA products, thereby validating the company's strategy of investing in R&D to develop the LNB product line.

A low-noise block downconverter (LNB) is the receiving device mounted on satellite dishes used for satellite TV and data reception, which collects the radio waves from the dish and converts them to a signal which is sent through a cable to the receiver inside the building.

AmpliTech Inc, the core division of AmpliTech Group, founded in 2002, Amplitech Inc, has proprietary low noise technology used in all of the company’s Low Noise Amplifiers (LNA’s). Taking advantage of the available technology, the company embarked on a mission to release an LNB product line covering X band, Ka band and Ku bands, offering superior low noise capabilities across the product line. This initial BOA is a tangible result of the company’s presentations and technical meetings with this fortune 1000 company. AmpliTech Group continues to demonstrate its commitment to delivering cutting-edge telecommunications infrastructure solutions domestically and globally.

“We are thrilled to have been chosen as the supplier for this strategic initiative,” said Fawad Maqbool, CEO of AmpliTech Group. “This 5 Year BOA emphasizes our expertise in delivering low noise, high-performance satellite communication products to the market.” Furthermore, Mr. Maqbool stated, “Securing this 5 Year order agreement, further validates our R&D investment in the new product lines to drive top and bottom line growth and provide value to our shareholders.”

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 the basic order agreement will lead to further development and work for the customer. 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.

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