ADDvantage Technologies Telecom Services Company Broadens Service Offering to Support Federal Broadband Deployment and Investment

CARROLLTON, Texas, June 28, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ:AEY) ("ADDvantage Technologies" or the "Company") today announced that wholly owned subsidiary, Fulton Technologies ("Fulton") Inc., is expanding its operation and value-added services to the deployment of fiber broadband connectivity.

The future of America depends on universal and reliable connectivity. With the enactment of the federal $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), resources are becoming available to deploy broadband infrastructure to help close the digital divide. The IIJA provides the single largest one-time federal broadband investment in history with over $65 billion in funding. Prior to the IIJA, the Rural Digital Operating Fund (RDOF) was enacted to disburse up to $20.4 billion in two phases over 10 years. The combined commitment of these two national programs will have a positive impact in bringing fixed broadband to millions of homes and businesses across the country.

Fulton Technologies' management team has a long history of fiber engineering and deployment of Outside Plant Services (OSP). Fulton has been operating for over 30 years and recognized the need to deploy quality expertise and resources to support broadband network buildouts. Experience and safety are paramount to the operation of any new network and Fulton is fortunate to build upon its OSP heritage.

"Our team has been working tirelessly over the last few months to assist existing customers and many new entrants into the space to design and engineer their networks," commented Brian Davidson, CRO of ADDvantage Technologies. "Many existing internet providers and operators are evolving their businesses to support customers in more remote and smaller markets. The insatiable demand for data is more important today than ever before, as reliable, and affordable broadband is a requirement for full participation in society and new job opportunities."  

"Our company is taking more of a consultative approach to assisting operators and providers," continued Davidson. "While providing turnkey services is compelling, our approach offers customers a ‘partner' in which to deploy their networks the most cost-effectively and efficiently. I'm proud to also announce that Walter Rhinehart has joined our team as Vice-President of Broadband Solutions. Walter has had a long career of success with telecom Outside Plant Networks and will play an integral role in helping to define unique value-added services in our overall broadband solution."

Fulton is planning to leverage much of its current infrastructure and resources to take advantage of synergies. They are also working alongside their own vast national network of vendor partners to deploy services. As the Company enters into new agreements additional details will be released and/or disclosed on their company website or via future press releases.

About ADDvantage Technologies Group, Inc.

ADDvantage Technologies Group, Inc. (NASDAQ:AEY) is a communications infrastructure services and equipment provider operating a diversified group of companies through its Wireless Infrastructure Services and Telecommunications segments. Through its Wireless segment, Fulton Technologies provides turn-key wireless infrastructure services including the installation, modification and upgrading of equipment on communication towers and small cell sites for wireless carriers, national integrators, tower owners and major equipment manufacturers. Through its Telecommunications segment, Nave Communications and Triton Datacom sell equipment and hardware used to acquire, distribute, and protect the communications signals carried on fiber optic, coaxial cable and wireless distribution systems. The Telecommunications segment also offers repair services focused on telecommunication equipment and recycling surplus and related obsolete telecommunications equipment.

ADDvantage operates through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom. For more information, please visit the corporate website at www.addvantagetechnologies.com.

Cautions Regarding Forward-Looking Statements

The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company's reports and documents filed from time to time with the Securities and Exchange Commission.

For further information:

Hayden IR

Brett Maas

(646) 536-7331

[email protected]