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COMSovereign Holding Corp. Extends 4G LTE/5G Networking Solution Portfolio with Closing of Virtual Network Communications, Inc. Acquisition
COMSovereign Holding Corp. Extends 4G LTE/5G Networking Solution Portfolio with Closing of Virtual Network Communications, Inc. Acquisition.
About this update from Comsovereign Holding Corp.
[{"type":"text","content":"\n\n\n\nCOMSovereign Holding Corp. Extends 4G LTE/5G Networking Solution Portfolio with Closing of Virtual Network Communications, Inc. Acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nCOMSovereign Holding Corp. Extends 4G LTE/5G Networking Solution Portfolio with Closing of Virtual Network Communications, Inc. Acquisition\n- Addition of Virtualized Network Core and Advanced Radio Technology Can Dramatically Reduce Costs of Telecom Backbone for Tier-One Global Commercial and Government Customers -\nPR Newswire\nDALLAS, July 7, 2020\n\n\n\nDALLAS, July 7, 2020 /PRNewswire/ -- COMSovereign Holding Corp. (OTCQB: COMS) (\"COMSovereign\" or the \"Company\"), a U.S.-based pure-play developer of 5G connectivity and data transmission systems, announced today that it has completed the acquisition of Virtual Network Communications, Inc. (\"VNC\"), a developer of fixed and mobile broadband communications solutions for public and private wireless networks operated by commercial, enterprise, government and defense customers.\n\n \n \n \n \n \n \n\n \nTerms of the transaction include total consideration of approximately $19 million consisting of $3 million in cash - provided primarily by management members - and the issuance of common stock. The closing of this latest acquisition significantly expands COMSovereign's IP and product portfolio to include telecom network access systems including both 4G LTE/Advanced and 5G capable radio equipment. Additionally, VNC has virtualized and patented an entire LTE Advanced network core solution that has the potential to dramatically reduce the costs of traditional telecom network backbone equipment. VNC has also developed and is currently selling a rapidly deployable LTE network system that is both man-portable and can be combined with the tethered aerostats and drone syst...